Seoul Stocks See Upsurge as U.S. Fed Governor’s Remarks Ease Rate Hike Concerns

Seoul: Seoul stocks were trading higher late Friday morning as remarks from a U.S. Federal Reserve governor eased concerns over further rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) was trading up 81.74 points, or 1.24 percent, to 6,661.22, as of 11:20 a.m. According to Yonhap News Agency, risk appetite revived after Federal Reserve Gov. Christopher Waller signaled a cautious stance on further rate hikes. South Korea also extended its account surplus in July, driven by strong exports from the artificial intelligence (AI) boom, Bank of Korea data showed. July marked the 39th consecutive month the balance has remained in the black. Most market top caps were trading higher. Chip giant Samsung Electronics added 1.8 percent, while industry rival SK hynix advanced 2.57 percent. Top carmaker Hyundai Motor slid 0.26 percent, while battery maker LG Energy Solutions fell 1.64 percent, and financial firm KB Financial dipped 2.53 percent. The Korean won was quoted at 1,358.1 won against the U.S. dollar as of 11:20 a.m., down 0.6 won from the close of the previous stock trading session.