Kospi surges 1% amid investor bargain-hunting

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Thursday. [YONHAP]

Stocks started higher Thursday as investors hunted for bargains following a recent decline amid speculations over a potential delay in U.S. interest rate cuts this year.

The Kospi gained 26.08 points, or 1.01 percent, to 2,610.26 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average fell 0.12 percent and the tech-heavy Nasdaq declined 1.15 percent.

The Federal Reserve said in the Beige Book that the economy has expanded slightly, and inflation still remained elevated, raising concerns that the Fed may postpone rate cuts.

Tensions between Israel and Iran also continued to weigh down on investor sentiment.

In Seoul, Samsung Electronics remained unchanged from the previous session, and SK hynix shed 0.34 percent. LG Energy Solution gained 2.06 percent.

Carmakers, on the other hand, traded higher, with Hyundai Motors rising 1.28 percent and Kia gaining 0.09 percent. Hyundai Mobis added 1.28 percent.

The local currency was trading at 1,380.6 won against the greenback, down 6.2 won from the previous session's close.

BY KIM JI-YE, YONHAP [kim.jiye@joongang.co.kr]