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An electric board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) |
South Korean stocks got off to a strong start Monday, as US Federal Reserve officials' remarks raised hopes that the central bank may dial down the pace of interest rate increases.
The benchmark Korea Composite Stock Price Index gained 35.60 points, or 1.61 percent, to 2,248.72 in the first 15 minutes of trading.
While the market still widely predicts another 0.75 percentage point rate hike by the Fed in December, Mary Daly, president of the San Francisco Federal Reserve Bank, suggested planning for "stepping down" in the monetary tightening aimed at bringing down the decades-high inflation.
Chicago Federal Reserve Bank President Charles Evans also said the interest rate increases should be put on hold at a little above 4.5 percent.
Hopes for a less aggressive Fed sent Wall Street rallying on Friday, with the major indexes closing up more than 2 percent.
In Seoul, most large-cap stocks gathered ground across the Kospi, led by tech blue-chips. Market heavyweight Samsung Electronics rose 1.8 percent, and chip giant SK hynix advanced more than 2 percent.
Leading chemical company LG Chem was up 2 percent, and steel behemoth Posco added 1 percent.
The local currency was trading at 1,432.20 won against the US dollar as of 9:15 a.m., up 7.6 won from Friday's close. (Yonhap)
