South Korean stocks rose 0.31 percent late Thursday morning after the U.S. Fed's rate hike drove out uncertainties hanging over the market, analysts said.
  

The benchmark Korea Composite Stock Price Index added 6.05 points to 1,975.95, as of 11:20 a.m.
  

Local shares started 0.87 percent higher, cheering the rate hike by the long-anticipated level of a quarter point to 0.25-0.50 percent and the subsequent overnight rally on Wall Street.
  

But the index pared part of its earlier gains, as foreigners joined retail investors to offload local stocks.
  

"The Federal Reserve's message that any future rates hike will be gradual provided investors great relief," IBK Investment analyst Kim Jung-hyun.  
  

"But the upturn would be limited, as the market rallied the previous session on hopes for eased woes ahead of the Fed results, and investors now appear to be taking time to set a new course," he added. 
  

Chemicals and autos brought up the index, offsetting losses by tech firms and banking shares.
  

Top automaker Hyundai Motor surged 1.63 percent, and its sister firm Kia Motors increased 0.54 percent. LG Chem jumped 4.28 percent, and Hanwha Chemical spiked 3.74 percent.
  

Market bellwether Samsung Electronics lost 0.38 percent, and chipmaker SK Hynix shed 1.15 percent.
  

The local currency was changing hands at 1,179.1 won against the U.S. dollar, down 2.9 won from Wednesday's close. (Yonhap)