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's stock market began the day on an upward trajectory on Thursday, buoyed by advances in technology shares, despite the Federal Reserve's first interest rate increase in nearly three years. The KOSPI index rose 61.05 points, or 0.91%, to reach 6,779.02. Meanwhile, Wall Street's major indices ended the previous trading session lower, following the Fed's decision to raise the base rate by a quarter percentage point to a range of 3.75% to 4%, aiming to curb inflationary pressures.
KOSPI opened higher at 9:14 a.m., up 6.49 points, or 0.1%, to 6,724.46. Analysts anticipate volatility in local stocks due to the Fed's decision.
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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