The Korea Herald

피터빈트

Seoul shares start higher ahead of imminent Fed rate hike

By KH디지털2

Published : Dec. 16, 2015 - 10:02

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South Korean stocks got off to a strong start Wednesday on hopes that uncertainties tied to the U.S. rate hike will soon be eased.
  

The benchmark Korea Composite Stock Price Index added 26.5 points, or 1.37 percent, to 1,959.47 in the first 15 minutes of trading.
  

The Federal Open Market Committee kicked off its two-day meeting on Tuesday (U.S. time), which is expected to end the near-zero borrowing costs after nearly a decade. The results are to be available on Wednesday.
  

On the back of expectations for the Fed's rate decision and the rebound in oil prices, the Dow Jones industrial average and the Nasdaq index surged 0.9 percent, each, overnight. 
  

Most of large-cap shares here were in positive turf, with tech and chemicals leading the overall gains.
 
 
Market bellwether Samsung Electronics jumped 1.64 percent, and top carmaker Hyundai Motor gained 0.99 percent. Following the big fall in the previous session, industry leader LG Chem rebounded rising 2.08 percent.
 

The local currency was trading at 1,176 won against the U.S. dollar as of 9:15 a.m., up 7.4 won from Tuesday's close. (Yonhap)