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Seoul shares open sharply higher as Fed hints at rate cuts
By YonhapPublished : Dec. 14, 2023 - 09:31
South Korean stocks opened sharply higher Thursday as investors cheered the US Federal Reserve's hint at possible rate cuts next year.
The benchmark Korea Composite Stock Price Index rose 36.26 points, or 1.44 percent, to 2,546.92 in the first 15 minutes of trading.
Overnight, the Federal Reserve announced its decision to keep its rate between 5.25 and 5.50 percent, and hinted that its hiking campaign may be near or at an end.
In Seoul, top tech giant Samsung Electronics gained 1.65 percent, and LG Energy Solution rose 2.44 percent. No. 2 chipmaker SK hynix climbed 2.67 percent.
Leading online portal operator Naver moved up 2.58 percent, and its smaller rival Kakao increased 4.72 percent.
The local currency was trading at 1,294.6 won against the US dollar, up 25.3 won from the previous session's close. (Yonhap)
