Seoul: South Korean stocks traded more than 1 percent higher late Monday morning on revived hopes for another rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) had gained 40.09 points, or 1.18 percent, to 3,426.14 as of 11:20 a.m.
According to Yonhap News Agency, U.S. stocks rebounded on Friday as U.S. consumer spending increased in August in line with market expectations, sparking hopes for further monetary easing by the Fed. In Seoul, major shares led the early gains. Top-cap Samsung Electronics rose 1.68 percent, and chip giant SK hynix vaulted 3.05 percent. Leading internet firm Naver jumped 7.99 percent, and major commercial bank Shinhan Financial Group advanced 2.17 percent. K-pop powerhouse Hybe climbed 0.37 percent, and Samyang Foods, an instant noodle maker, added 0.61 percent.
The local currency had been quoted at 1,402.6 won against the greenback as of 11:20 a.m., up 9.2 won from the previous session's close.