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Kospi rises on Wall Street optimism as large caps lead gains

Published: 21 Mar. 2024, 10:59

LEE SOO-JUNG
[email protected]

Screens in Hana Bank's trading room in central Seoul show the stock market price as it closes on Wednesday. [NEWS1]

Stocks surged at the opening bell on Thursday, building on record-high closes on Wall Street, buoyed by optimism surrounding potential U.S. rate cuts this year.

The Kospi added 37.38 points, or 1.39 percent, to reach 2,727.52 in the first 15 minutes of trading.

The U.S. Federal Reserve kept its policy rate intact for a fifth consecutive session Wednesday (U.S. time) at the 5.25 to 5.50 percent range but signaled as many as three rate cuts within the year.

The Dow Jones Industrial Average climbed 1.03 percent to finish at a new high of 39,512.13, while the S&P 500 and Nasdaq also reached new highs of 5,224.62 and 16,369.41, respectively.

In Seoul, most large caps were in positive terrain.

Samsung Electronics gained 1.95 percent, while SK hynix spiked 5.11 percent.

Hyundai Motor surged 2.70 percent, with Kia Motors advancing 0.61 percent.

LG Energy Solution added 0.98 percent, while Samsung SDI gained 1.43 percent.

The local currency was trading at 1,328.15 won against the dollar, down 11.65 won from the previous session's close.

BY LEE SOO-JUNG [[email protected]]