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Seoul shares open sharply higher on revived rate-cut hopes

By Yonhap

Published : April 4, 2024 - 09:34

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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)

Seoul shares opened higher Thursday as US Federal Reserve Chair Jerome Powell reaffirmed rate cuts this year.

The benchmark Korea Composite Stock Price Index rose 31.45 points, or 1.16 percent, to 2,738.42 in the first 15 minutes of trading.

The US central bank reiterated it will take a wait-and-see approach before cutting rates this year. But Powell's view that inflation figures did not materially change the Fed's overall picture gave a boost to risk assets.

In Seoul, tech, auto and energy stocks advanced.

Market bellwether Samsung Electronics Co. rose 1.6 percent, No. 2 chipmaker SK hynix Inc. jumped 3.6 percent, top carmaker Hyundai Motor Co. gained 0.9 percent, and leading battery maker LG Energy Solution Ltd. was up 1.2 percent.

Among decliners, national flag carrier Korean Air Co. fell 0.2 percent, leading shipbuilding group HD Hyundai declined 0.7 percent, and leading cosmetics firm Amorepacific Corp. was down 1.6 percent.

The local currency was trading at 1,345.35 won against the dollar, up 3.55 won from the previous session's close. (Yonhap)