South Korean stocks traded higher late Monday morning led by gains in tech, auto and bank shares amid hopes for a U.S. rate cut.

The benchmark Korea Composite Stock Price Index had added 21.82 points, or 0.8 percent, to 2,746.44 as of 11:20 a.m.

Tech giant Samsung Electronics rose 1.42 percent, and LG Display, a key component supplier to Apple, advanced 1.17 percent.

Top carmaker Hyundai Motor vaulted 3.07 percent, and its sister Kia increased 2.13 percent.

Bank shares were also strong, with Shinhan Financial Group expanding 2.52 percent and Hana Financial Group rising 1.43 percent.

But battery and bio shares were in negative territory, as leading battery maker LG Energy Solution retreated 0.27 percent and major bio firm SK biopharm dropped 0.33 percent.

The local currency was trading at 1,357.35 won against the U.S. dollar at 11:20 a.m., down 2.45 won from the previous session’s close.

Source: Yonhap News Agency