Seoul stocks open higher despite first Fed rate hike in over 3 years
The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Seoul stocks opened higher on Thursday, led by gains in tech stocks, despite the Federal Reserve's first rate hike in over three years.
The benchmark Korea Composite Stock Price Index (KOSPI) opened up 61.05 points, or 0.91 percent, to 6,779.02.
Overnight, major stock indexes on Wall Street closed down, after the Fed delivered the first quarter-percentage point rate increase since 2023, to combat inflationary pressures.
The Fed raised its base rate by a quarter percentage point to a range of 3.75 percent and 4 percent.Seoul stocks opened higher Thursday, led by gains in tech stocks, despite the Federal Reserve's first rate hike in over three years.
The benchmark Korea Composite Stock Price Index (KOSPI) was up 6.49 points, or 0.1 percent, to 6,724.46, as of 9:14 a.m.
Overnight, major stock indexes on Wall Street closed down after the Fed delivered the first quarter-percentage point rate increase since 2023 to combat inflationary pressures.
The Fed raised its base rate by a quarter percentage point to a range of 3.75 percent and 4 percent.
"Local stocks are expected to suffer volatility, as investors digest the hawkish Federal Open Market Committee meeting," said Han Ji-young, an analyst from Kiwoom Securities.
Market top-cap Samsung Electronics added 0.3 percent, while its industry rival SK hynix shed 0.8 percent.
Battery maker LG Energy Solutions dipped 0.82 percent, while financial firm KB Financial rose 1.47 percent, and defense giant Hanwha Aerospace increased 1.14 percent.
The Korean won was quoted at 1,374.3 won against the U.S. dollar as of 9:14 a.m., up 2.7 won from the previous trading session.