Seoul stocks open higher on eased US rate-hike woes

Seoul stocks opened higher on Friday, mirroring overnight gains on Wall Street as worries about additional U.S. interest rate increases diminished following cautious comments from a Federal Reserve official. The Korea Composite Stock Price Index (KOSPI) rose by 96.9 points, or 1.47 percent, to reach 6,676.38, according to data at 9:16 a.m. The previous day, the Dow Jones Industrial Average climbed 1.18 percent, the S&P 500 climbed 1.06 percent, and the tech-focused Nasdaq Composite rose 1.4 percent.

Investor confidence improved following remarks from Federal Reserve Governor Christopher Waller, who indicated a measured approach to further monetary tightening, easing concerns that the U.S. central bank might resume interest rate hikes. Throughout Seoul, most major indices were trading at elevated levels. Semiconductor giant Samsung Electronics surged 1.8 percent, while counterpart SK hynix increased 2.32 percent.

Leading automobile manufacturer Hyundai Motor gained 1.17 percent, battery producer LG Energy Solution climbed 1.92 percent, and defense leader Hanwha Aerospace rose 1.34 percent. The Korean won was quoted at 1,356.7 won per U.S. dollar, up 0.8 won from the preceding trading session.