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Kospi opens higher on U.S. gains following Fed's rate freeze

Published: 08 May. 2025, 09:42

A screen at Hana Bank's trading room in central Seoul shows the Kospi opening on May 8. [YONHAP]

Shares opened slightly higher Thursday tracking overnight gains on Wall Street after the U.S. Federal Reserve kept the benchmark rates unchanged.

The Kospi added 8.01 points, or 0.31 percent, to 2,581.81 in the first 15 minutes of trading.

In the United States, the Dow Jones Industrial Average rose 0.7 percent, and the Nasdaq composite gained 0.27 percent.

Earlier, the U.S. central bank held its key rates steady, pointing to risks posed by both higher inflation and unemployment.

In Seoul, tech, auto and battery shares led the positive start.

Market bellwether Samsung Electronics rose 1.1 percent, and its chipmaking rival SK hynix advanced 2.52 percent.

Top carmaker Hyundai Motor climbed 0.27 percent, and its sister Kia added 0.23 percent.

Leading battery maker LG Energy Solution went up 0.31 percent, and Posco Future M increased 0.49 percent.

The local currency was trading at 1,396.5 won against the dollar at 9:15 a.m., up 1.5 won from the previous session.

Yonhap