South Korean stocks traded slightly higher late Friday morning, after swinging between gains and losses, after hitting an almost two-year high in the previous session on the back of eased concerns over the US Federal Reserve's rate hike

The benchmark Korea Composite Stock Price Index rose 4.64 points, or 0.22 percent, to 2,154.72 as of 11:20 a.m.

US stocks fell slightly as investors sought to lock in part of recent gains.

Most large caps traded mixed, with market kingpin Samsung Electronics rising 0.53 percent.

SK hynix, a major chipmaker, dropped 4.37 percent, and POSCO, the country's leading steelmaker, was down 0.34 percent.

Hyundai Motor, the No. 1 automaker, remained flat, and AmorePacific, the country's top cosmetics maker, advanced 2.19 percent.

The local currency was trading at 1,130.00 won against the US dollar, up 2.40 won from the previous session's close. (Yonhap)