Seoul: South Korean stocks traded slightly higher late Monday morning as investors were relieved by U.S. Federal Reserve Chair Jerome Powell’s recent comments on the solid U.S. economy. Starting slightly lower, the benchmark Korea Composite Stock Price Index (KOSPI) gained 13.44 points, or 0.52 percent, to 2,576.92 as of 11:20 a.m.
According to Yonhap News Agency, Powell stated last week that he has no plans to adjust monetary policy hurriedly and suggested price hikes from tariffs may be temporary. The U.S. consumer price index will be released Wednesday (local time), serving as a key barometer for the central bank to decide its benchmark rates.
In Seoul, market heavyweights led the uptick. Top-cap Samsung Electronics rose 0.74 percent, and No. 1 carmaker Hyundai Motor climbed 0.25 percent. Leading battery maker LG Energy Solution advanced 2.51 percent, and Naver, an online portal operator, added 1.17 percent. Korea Zinc, a leading non-ferrous metal smelter, surged 15.84 percent as a management row with its largest shareholder, Young Poong, has been rekindled.
The local currency was trading at 1,450.85 won against the U.S. dollar at 11:20 a.m., down 4.05 won from the previous session.