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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap) |
South Korean stocks started higher Wednesday as investors hunted for bargains following a sharp slide the previous day sparked by escalating tensions in the Middle East.
The benchmark Korea Composite Stock Price Index gained 8.58 points, or 0.33 percent, to 2,618.21 in the first 15 minutes of trading.
Overnight, the S&P 500 fell 0.2 percent and the tech-heavy Nasdaq edged down 0.1 percent, while the Dow Jones Industrial Average gained 0.2 percent.
US Federal Reserve Chair Jerome Powell said in a forum in Washington that a series of recent inflation reports indicates it is likely to take longer than expected for the central bank to have confidence to start cutting its rates.
"If higher inflation does persist, we can maintain the current level of restriction for as long as needed," Powell said.
In Seoul, market bellwether Samsung Electronics rose 0.38 percent, and No. 2 chipmaker SK hynix increased 0.78 percent.
Leading battery maker LG Energy Solution climbed 0.82 percent, and its smaller rivals, Samsung SDI and Posco Future M, jumped 2.07 percent and 1.36 percent, respectively.
LG Chem also advanced 1.05 percent.
But carmakers lost ground, with Hyundai Motor down 1.24 percent and its smaller affiliate Kia down 0.52 percent.
The local currency was trading at 1,390.20 won against the greenback, up 4.3 won from the previous session's close. (Yonhap)
