South Korean stocks traded higher late Thursday morning on the back of gains from technology and chemical shares.

The benchmark Korea Composite Stock Price Index had gained 16.81 points, or 0.69 percent, to 2,452.71 as of 11:20 a.m.

Overnight, the U.S. market finished lower, as the stronger-than-expected retail sales in the world’s top economy for December continued to weigh down investors’ hope for an early rate cut by the Federal Reserve.

In Seoul, tech shares led the overall gains, with Samsung Electronics rising 1.13 percent and No. 2 chipmaker SK hynix increasing 2.37 percent.

Chemical shares also traded higher, with LG Chem rising 1.1 percent and AmorePacific advancing 5.61 percent. Oil refiner SK Innovation and S-Oil added 0.34 percent and 0.31 percent, respectively.

Insurance firms were among major losers, with Samsung Life Insurance falling 0.16 percent and Samsung Fire and Marine Insurance decreasing 2.05 percent.

The local currency was trading at 1,341.1 won against the U.S. dollar, up 3.1
won from the previous session’s close.

Source: Yonhap News Agency