Seoul shares up 1.38 pct in late-morning trade

South Korean stocks traded 1.38 percent higher late Friday morning on hopes for additional stimulus measures by the European Central Bank (ECB) and better-than-expected domestic growth data. The benchmark Korea Composite Stock Price Index (KOSPI) vaulted 26.79 points to 2,049.79 as of 11:20 a.m.

Stocks across the board rose after ECB chief Mario Draghi said Thursday that the bank will consider bolstering its bond-buying program this year, sending European and U.S. stocks higher.

SK Innovation, the nation's top refiner, jumped 6.91 percent after it swung to a net profit in the July-September period on continued improvement in its lubricant oil business and reduced inventory losses.

Kia Motors, the No. 2 automaker, edged up 0.37 percent. Its third-quarter operating income hit a five-year high, though its net profit dropped 16.3 percent due largely to losses from equity ties with affiliates.

South Korea's economic growth reached a five-year high in the third quarter thanks to a strong rebound in domestic demand, marking the fastest increase in more than five years.

The local currency was changing hands at 1,127.2 won against the greenback as of 11:20 a.m., up 11.4 won from Thursday's close. (Yonhap)