Seoul stocks open sharply higher on eased inflation woes

Seoul's stock market experienced a significant surge on Friday, as falling oil prices and a reduced Federal Reserve interest rate helped alleviate inflation concerns. The Korea Composite Stock Price Index (KOSPI) climbed 150.53 points, or 2.24 percent, bringing the benchmark index to 6,865.94 at 9:15 a.m. The previous evening, Wall Street also saw gains, with investor sentiment improving due to the decline in oil prices and easing inflation pressures from the U.S. bond market.

The S&P 500 rose by 1.14 percent, and the tech-focused Nasdaq gained 1.69 percent. Brent Crude, a key oil benchmark, fell nearly 1 percent, settling near US$104 per barrel. The decrease in oil prices contributed to lower bond yields. The Federal Reserve increased its benchmark rate by 0.25 percent for the first time in over three years, aimed at curbing inflation.

Among the major companies, Samsung Electronics rose 2.87 percent, SK hynix climbed 4.53 percent, LG Energy Solution increased 0.41 percent, Hyundai Motor gained 1.52 percent, while KB Financial experienced a 1.45 percent decline. The Korean won strengthened to 1,381.4 won per U.S. dollar, up from the prior session's close.