Seoul shares creep up on rate-cut hope

South Korean stocks inched up 0.12 percent on Thursday as investor sentiment was boosted by the central bank’s signal to cut the interest rate despite lingering concerns over a crippled earnings outlook, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index climbed 2.34 points to 2,002.84. Trading volume was moderate at 322.9 million shares worth 3.6 trillion won ($3.55 billion), with gainers outnumbering losers 428 to 382.

“The Bank of Korea held the key rate unchanged at 2.5 percent for the 14th straight month today, but the governor hinted that the BOK would make a different decision next month,” said Bae Sung-young, an analyst from Hyundai Securities Co. (Yonhap)