Seoul stocks open higher on eased US rate-hike woes
Seoul stocks opened higher Friday, tracking overnight gains on Wall Street as investor concerns over further U.S. interest rate hikes eased following dovish remarks from a Federal Reserve official. The benchmark Korea Composite Stock Price Index (KOSPI) was trading 96.9 points, or 1.47 percent higher, at 6,676.38, as of 9:16 a.m. Overnight, the Dow Jones Industrial Average rose 1.18 percent,…
Seoul stocks began the day on a positive note on Friday, mirroring the upward trend seen overnight on Wall Street. Investor worries about additional U.S. interest rate increases diminished as a Federal Reserve official delivered measured comments. The KOSPI index climbed 96.9 points, or 1.47 percent, to reach 6,676.38 points by 9:16 a.m. The Dow Jones Industrial Average climbed 1.18 percent overnight, with the S&P 500 and Nasdaq Composite also posting gains of 1.06 percent and 1.4 percent, respectively.
Investor confidence increased following remarks from Federal Reserve Governor Christopher Waller, who expressed a measured stance on further monetary tightening, alleviating fears of a potential resumption of rate hikes. Many top Korean companies saw their stocks rise as well, including Samsung Electronics, which increased by 1.8 percent, SK hynix by 2.32 percent, Hyundai Motor by 1.17 percent, LG Energy Solution by 1.92 percent, and Hanwha Aerospace by 1.34 percent.
The Korean won strengthened, trading at 1,356.7 won per U.S. dollar, up 0.8 won from the previous trading session.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Seoul stocks open higher on eased US rate-hike woes koreatimes.co.kr
- Seoul stocks trade higher late Fri. morning on risk appetite en.yna.co.kr
