Seoul: South Korean stocks traded higher late Thursday morning as investor sentiment was boosted by dovish remarks from U.S. Federal Reserve Chairman Jerome Powell. The benchmark Korea Composite Stock Price Index (KOSPI) added 11.44 points, or 0.28 percent, to 4,146.44 as of 11:20 a.m.
According to Yonhap News Agency, the U.S. central bank decided to lower the key rate by 0.25 percentage point to the 3.5-3.75 percent range, following the two-day Federal Open Market Committee (FOMC) meeting. During a press conference, Powell said that the rate adjustments since September have brought the central bank's monetary policy "within a broad range of estimates of its neutral value" and that it is "well positioned to wait and see how the economy evolves."
In Seoul, top cap Samsung Electronics added 0.88 percent, while LG Energy Solution lost 0.34 percent. SK hynix slid 0.85 percent after the Korea Exchange, the bourse operator, issued an investor warning for the stock following its recent sharp gains. Investors are banned from purchasing companies under the advisory through margin trading.
The local currency was trading at 1,469.1 won against the greenback at 11:20 a.m., up 1.3 won from the previous session.