Seoul stocks open steeply higher on eased woes over Fed's rate hike

Published : Mar 17, 2022 - 09:35 Updated : Mar 17, 2022 - 09:36

An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks opened sharply higher Thursday, as the US Federal Reserve's monetary meeting results largely fell within expectations.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.5 points, or 1.67 percent, to trade at 2,703.73 points as of 9:15 a.m.

Stocks lifted, taking a cue from the overnight stock rallies. The tech-heavy Nasdaq composite surged 3.77 percent, and the Dow Jones Industrial Average advanced 2.55 percent.

The Fed raised its key interest rates by a quarter percentage point from near zero and said the world's economy is "very strong," relieving concerns about stagflation.

In Seoul, market bellwether Samsung Electronics added 1.56 percent, and No. 2 chipmaker SK hynix jumped 3.86 percent.

Internet portal operator Naver advanced 3.33 percent, and top carmaker Hyundai Motor increased 2.08 percent. Financial heavyweight KB Financial Group moved up 2.46 percent.

The local currency was trading at 1,226.3 won against the US dollar, up 9.4 won from the previous session's close. (Yonhap)