Seoul stocks open higher on eased US rate-hike woes
The benchmark KOSPI and won-dollar exchange rate are displayed on a screen at Hana Bank's dealing room in Seoul, Friday. Yonhap
Seoul stocks opened higher Friday, tracking overnight gains on Wall Street as investor concerns over further U.S. interest rate hikes eased following dovish remarks from a Federal Reserve official.
The benchmark Korea Composite Stock Price Index (KOSPI) was trading 96.9 points, or 1.47 percent higher, at 6,676.38, as of 9:16 a.m.
Overnight, the Dow Jones Industrial Average rose 1.18 percent, while the S&P 500 gained 1.06 percent and the tech-heavy Nasdaq Composite advanced 1.4 percent.
Investor sentiment improved after Federal Reserve Gov. Christopher Waller signaled a cautious approach to further monetary tightening, easing concerns that the U.S. central bank could resume rate hikes.
In Seoul, most market top-caps were trading higher.
Chip giant Samsung Electronics rose 1.8 percent, while rival SK hynix added 2.32 percent.
Top carmaker Hyundai Motor was up 1.17 percent, battery maker LG Energy Solution climbed 1.92 percent, and defense giant Hanwha Aerospace advanced 1.34 percent.
The Korean won was quoted at 1,356.7 won against the U.S. dollar, up 0.8 won from the previous stock trading session, as of 9:16 a.m.