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Kospi opens higher ahead of rate decision meeting

Published: 16 Jan. 2025, 10:09

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

Shares opened higher Thursday, tracking an overnight rally on Wall Street, while investors waited for the outcome of the Korean central bank's first rate decision meeting this year.

The Kospi rose 29.88 points, or 1.2 percent, to 2,526.69 in the first 15 minutes of trading.

Overnight, major U.S. indexes rallied as blue chip tech shares gained ground, backed by signs of slowing inflation in the latest consumer price index, which reinforced bets the Federal Reserve will continue with its monetary easing cycle this year.

The Dow Jones Industrial Average advanced 1.65 percent, the S&P 500 jumped 1.83 percent and the tech-heavy Nasdaq composite soared 2.45 percent.

Investors' eyes are now on the Bank of Korea's rate decision due later in the day.

In Seoul, Samsung Electronics rose 1.3 percent and SK hynix surged 4.94 percent.

LG Energy Solution gained 1.42 percent and Hyundai Motor increased 0.91 percent.

Posco Holdings climbed 2.53 percent.

HD Hyundai Heavy was among the few decliners, down 1.11 percent.

The local currency was trading at 1,454.5 won against the greenback at 9:15 a.m., down 6.7 won from the previous session.

Yonhap