South Korean stocks traded sharply higher late Tuesday morning as political chaos in the country eased after the Constitutional Court ruled to oust President Park Geun-hye and investors increased risky bets.

The benchmark Korea Composite Stock Price Index rose 9.37 points, or 0.44 percent, to 2,126.96 as of 11:20 a.m., an almost 2-year high.

Top market cap Samsung Electronics advanced 0.54 percent to a record high, while SK hynix, a major chipmaker, shed 0.98 percent.

AmorePacific, the country's top cosmetics maker, gained 0.54 percent, and Shinhan Financial, a major banking group, advanced 0.92 percent.

Hyundai Motor, the country's top automaker, soared 1.37 percent.

The South Korean won was trading at 1,148.50 against the US greenback, down 4.1 won from the previous session's close. (Yonhap)