Seoul: South Korean stocks opened higher Thursday after the U.S. Federal Reserve cut its key rate by 0.25 percentage point in line with the market's expectations. The benchmark Korea Composite Stock Price Index (KOSPI) added 32.68 points, or 0.79 percent, to 4,167.68 in the first 15 minutes of trading.
According to Yonhap News Agency, following the two-day Federal Open Market Committee (FOMC) meeting, the U.S. central bank decided to lower the key rate to the 3.5-3.75 percent range. This marks the third reduction since September, widening the key rates gap between South Korea and the United States to up to 1.25 percentage points.
In the stock market, top market cap Samsung Electronics moved up 2.22 percent, while SK hynix shed 0.17 percent. LG Energy Solution experienced a decline of 0.91 percent. Meanwhile, leading carmaker Hyundai Motor fell by 1.6 percent, and Kia's stock price remained unchanged from the previous session.
The local currency was trading at 1,464.5 won against the greenback as of 9:15 a.m., reflecting an increase of 5.9 won from the previous session's close.