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Seoul shares open sharply higher as Fed hints at rate cuts

By Yonhap

Published : Dec. 14, 2023 - 09:31

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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 Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks opened sharply higher Thursday as investors cheered the US Federal Reserve's hint at possible rate cuts next year.

The benchmark Korea Composite Stock Price Index rose 36.26 points, or 1.44 percent, to 2,546.92 in the first 15 minutes of trading.

Overnight, the Federal Reserve announced its decision to keep its rate between 5.25 and 5.50 percent, and hinted that its hiking campaign may be near or at an end.

In Seoul, top tech giant Samsung Electronics gained 1.65 percent, and LG Energy Solution rose 2.44 percent. No. 2 chipmaker SK hynix climbed 2.67 percent.

Leading online portal operator Naver moved up 2.58 percent, and its smaller rival Kakao increased 4.72 percent.

The local currency was trading at 1,294.6 won against the US dollar, up 25.3 won from the previous session's close. (Yonhap)