Kospi gains points after Fed sees 'significant progress' on inflation

Finance

Published: 03 Jul. 2024, 10:13

Kospi gains points after Fed sees 'significant progress' on inflation

A screen in Hana Bank's trading room in central shows the Kospi opening on Wednesday. [YONHAP]

Shares started higher Wednesday as U.S. Federal Reserve Chairman Jerome Powell's dovish comments eased rate woes.

The Kospi gained 11.84 points, or 0.43 percent, to 2,792.7 in the first 15 minutes of trading.

Overnight, Wall Street closed higher as Powell said recent economic data represented "significant progress," boosting investor sentiment.

The Dow Jones Industrial Average rose 0.41 percent, and the Nasdaq Composite gained 0.84 percent.

In Seoul, Hyundai Motor went up 0.37 percent, and SK Innovation rose 3.84 percent.

LG Energy Solution jumped 6.4 percent, and Posco Holdings climbed 2.05 percent.

But Samsung Electronics declined 0.24 percent, and SK hynix fell 2.16 percent.

The local currency was trading at 1,386 won against the dollar, down 2.2 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]