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지나쌤

Seoul shares open higher amid hopes for Fed's early rate cut

By Yonhap

Published : March 8, 2024 - 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 Friday. (Yonhap) 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 US Federal Reserve Chair Jerome Powell hinted the confidence needed for the rate cut is approaching.

The benchmark Korea Composite Stock Price Index added 34.79 points, or 1.31 percent, to 2,682.41 in the first 15 minutes of trading.

Overnight, the US stock market closed higher with the Dow Jones Industrial Average rising 0.34 percent and the tech-heavy Nasdaq Composite advancing 1.51 percent. The S&P 500 closed at an all-time high by moving up 1.03 percent.

During the testimony delivered before the Senate, Powell said it is "not far" from being confident that inflation is moving toward the target level of 2 percent, which would pave the way for a rate cut.

In Seoul, top tech giant Samsung Electronics added 1.25 percent, and No. 2 chipmaker SK hynix climbed 4.18 percent.

Pharmaceutical firms also kicked off higher, with Samsung Biologics rising 4.27 percent and Celltrion climbing 2.09 percent.

The local currency was trading at 1,324.1 won against the US dollar, up 6.8 won from the previous session's close. (Yonhap)