Seoul stocks open tad higher as Fed holds rates ahead of Samsung earnings report

Federal Reserve Chairman Kevin Warsh stated that higher interest rates are reaching the investment surge and that economic growth is broadening beyond it, according to WSJ Economy.

South Korean stocks opened slightly higher on Thursday, with the KOSPI adding 10.2 points, or 0.17 percent, to reach 6,022.64 as of 9:15 a.m. The Korea Times and Yonhap News reported the rally was supported by the Federal Open Market Committee's 10-2 vote to keep benchmark interest rates unchanged at 3.75-4 percent. Both outlets also cited expectations for strong third-quarter earnings from Samsung Electronics due to memory chip demand for artificial intelligence.

Yonhap News noted that Samsung Electronics climbed 0.52 percent and SK hynix rose 3.5 percent. Conversely, LG Energy Solution fell 7.3 percent and Hyundai Motor dropped 2.03 percent ahead of its third-quarter earnings report. In U.S. markets, the Dow Jones Industrial Average, S&P 500, and Nasdaq all gained overnight.

Brief written by urgent.news from WSJ Economy, The Korea Times, Yonhap News — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.