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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 Friday. (Yonhap) |
South Korean stocks opened higher Friday as the latest US economic data raised hopes the Federal Reserve will scale back its hawkish interest rate hikes.
The benchmark Korea Composite Stock Price Index rose 11 points, or 0.43 percent, to 2,572.66 in the first 15 minutes of trading.
All three major US stock indexes rallied Thursday after the producer prices slowed more than expected in March from a year earlier. Jobless claims last week rose more than expected, showing that the Fed's efforts to rein in the inflation are working.
Market watchers are increasingly betting that the Fed will begin to signal an end to its aggressive monetary tightening after its next policy meeting in May.
The Fed is widely expected to go ahead with a quarter percentage-point rate hike in the meeting.
In Seoul, financial and IT service stocks traded higher. Internet portal operator Naver gained more than 1 percent. Major banking firm KB Financial rose 2.5 percent, with its rival Hana Financial climbing 2.4 percent.
Tech heavyweight Samsung Electronics stayed flat.
Steel giant Posco Holdings was up 2.8 percent.
Battery makers trended lower. Top player LG Energy Solution fell 0.7 percent, and Samsung SDI lost 0.6 percent.
The local currency was trading at 1,302.7 won against the US dollar at 9:15 a.m., up 7.7 won from Thursday's close. (Yonhap)
