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Stock market in South Korea (Yonhap) |
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street that stemmed from the Fed's comments that support its accommodative policy.
The benchmark Korea Composite Stock Price Index (Kospi) rose 10.73 points, or 0.33 percent, to 3,274.61 points in the first 15 minutes of trading.
Stocks got off to a strong start, following Fed Chairman Jerome Powell's reassurance that the recent inflation rate has grown faster than expected but will likely stabilize.
Overnight, the Dow Jones Industrial Average added 0.2 percent, and the tech-heavy Nasdaq Composite and the S&P 500 advanced 0.79 percent and 0.51 percent, respectively.
In Seoul, market bellwether Samsung Electronics increased 0.38 percent, and No. 2 chipmaker SK hynix climbed 0.41 percent.
Internet portal operator Naver jumped 4.99 percent, while giant pharmaceutical firm Samsung Biologics decreased 0.59 percent.
Top automaker Hyundai Motor traded flat, and leading chemical firm LG Chem retreated 0.48 percent.
The local currency was trading at 1,132.35 won against the U.S. dollar, down 0.45 from the previous session's close. (Yonhap)
