(URGENT) Seoul shares rally for 2nd day on tech rally amid rate hike woes
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Seoul shares experienced a second day of gains on Wednesday, rising sharply due to a rally in technology stocks. Concerns over higher-than-anticipated U.S. inflation have led to speculation that the Federal Reserve may adopt an aggressive tightening approach. The Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.56 percent lower but closed up 136.23 points, or 2.6 percent, at 5,375.36 after peaking at 5,377.99.
On Tuesday, the index surged 4.39 percent, driven by a rally in U.S. technology stocks and falling oil prices. Despite Wall Street's overnight losses, with the Dow Jones Industrial Average falling 0.3 percent and the tech-heavy Nasdaq composite down 0.74 percent, local stocks managed to outperform. U.S. consumer prices increased by 0.3 percent in October compared to the previous month, surpassing market expectations.
This unexpected rise has raised concerns that the Fed may implement more aggressive monetary tightening measures to curb inflation.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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