South Korean stocks traded 1.14 percent higher late Wednesday morning, fueled by gains in brokerage firms and steelmakers, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 22.11 points to 1,967.90 as of 11:20 a.m.

Major local brokerage firm Mirae Asset Securities spiked 4.5 percent and steelmaker Hyundai Steel soared nearly 3 percent.

In contrast, telecom shares trended downward, with top mobile carrier SK Telecom falling 0.6 percent.

The local currency was changing hands at 1,086.65 won against the greenback as of 11:20 a.m., up 4.2 won from Tuesday's close. (Yonhap News)