Seoul shares up late Monday morning on tech gains

This photo shows the dealing room of Hana Bank in central Seoul, Monday. Yonhap

Korean stocks traded higher late Monday morning on gains from semiconductors and banks amid revived hopes for a rate cut in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) had added 42.86 points, or 1.11 percent, to 3,896.12 as of 11:20 a.m.

Major U.S. stocks finished higher Friday (U.S. time) after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year.

The Dow Jones Industrial Average rose 1.08 percent, and the tech-heavy Nasdaq Composite advanced 0.88 percent.

In Seoul, semiconductor and bank shares led the early rise.

Chip giant Samsung Electronics jumped 3.85 percent, and its rival SK hynix vaulted 3.25 percent.

Hana Financial Group rose 1.1 percent, and Shinhan Financial Group added 1.3 percent.

NCSOFT, a major game publisher, soared 6.38 percent, and APR, a cosmetics manufacturing firm, mounted 4.83 percent.

The local currency was trading at 1,473.05 won against the U.S. dollar at 11:20 a.m., up 2.75 won from the previous session.