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Kospi surges 1.31% amid further rate cut hints

Published: 08 Mar. 2024, 10:38

LEE SOO-JUNG
[email protected]

Screens in Hana Bank's trading room in central Seoul shows the stock market price as it opens on Friday. [YONHAP]

Stocks opened higher Friday as U.S. Federal Reserve Chair Jerome Powell hinted the confidence needed for the rate cut is approaching.

The Kospi added 34.79 points, or 1.31 percent, to 2,682.41 in the first 15 minutes of trading.

Overnight, the U.S. 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, 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 dollar, down 6.8 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [[email protected]]