Seoul stocks sharply up late Fri. morning on eased inflation woes

SEOUL, September 18 (Yonhap) -- The Seoul stock market kicked off the trading day with a strong surge on Friday, mirroring early gains on Wall Street as falling oil prices and the Federal Reserve's rate hike helped alleviate inflation concerns. The key Korea Composite Stock Price Index (KOSPI) saw a notable rise of 150.53 points, or 2.24%, bringing its value to 6,865.94 as of 9:15 a.m. on the day.

In the preceding overnight session, Wall Street's indices also showcased an upward trend, buoyed by improved investor sentiment stemming from cheaper oil prices and eased pressures from the U.S. bond market. The S&P 500 recorded a 1.14% increase, while the tech-focused Nasdaq experienced a 1.69% gain.

Meanwhile, the global oil market reflected the price dip, with the benchmark Brent Crude slipping almost 1%, closing near $104 per barrel. This downward movement in oil prices played a significant role in bringing down yields in the bond market.

On the domestic front, major companies witnessed a mixed performance. Samsung Electronics, a top-cap among the heavyweights, saw a 2.87% gain, while SK hynix rose by 4.53%. LG Energy Solution, a battery maker, increased by 0.41%, and Hyundai Motor rose 1.52%. However, KB Financial Group, a major financial firm, experienced a decline of 1.45%.

The Korean won found itself trading at 1,381.4 won per U.S. dollar, marking a slight 0.1 won increase compared to the previous day's closing session.