Seoul stocks open higher despite first Fed rate hike in over 3 years
Seoul stocks opened higher on Thursday, led by gains in tech stocks, despite the Federal Reserve's first rate hike in over three years. The benchmark Korea Composite Stock Price Index (KOSPI) opened up 61.05 points, or 0.91 percent, to 6,779.02. Overnight, major stock indexes on Wall Street closed down, after the Fed delivered the first quarter-percentage point rate increase since 2023, to combat…
Seoul stocks opened higher on Thursday, led by gains in tech stocks. The benchmark Korea Composite Stock Price Index (KOSPI) opened up 61.05 points, or 0.91 percent, to 6,779.02.
The US Federal Reserve raised its base rate by a quarter percentage point to a range of 3.75 percent and 4 percent, its first rate hike in over three years, to combat inflationary pressures. Major stock indexes on Wall Street closed down overnight.
The Bank of Korea, according to Yonhap News, is likely to come under growing pressure to further raise its benchmark rate after the Fed's move, which left the gap between the key interest rates of South Korea and the United States at up to 1 percentage point.
Brief written by urgent.news from The Korea Times, Yonhap News, FXStreet, Channel News Asia, CNBC World — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Trump demands 1% US interest rate after Fed delivers first hike in three years gulfnews.com
- Trump lashes out at Fed after Warsh backs rate hike; says rates should be '1% or less' channelnewsasia.com
- BOK pressed to further raise key rate to track Fed's latest hike en.yna.co.kr
- Hong Kong follows US Fed with first rate hike in over three years straitstimes.com
- Seoul stocks open higher despite first Fed rate hike in over 3 years koreatimes.co.kr
- Stock futures rise after Fed's rate hike spurs a market sell-off: Live updates cnbc.com
