SEOUL– South Korean stocks extended their gains late Thursday morning, as U.S. Federal Reserve chairman signaled a rate hike within market expectations amid soaring global commodity prices.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 37.55 points, or 1.39 percent, to trade at 2,741.07 points as of 11:20 a.m.
Stocks rose on the overnight Wall Street stock rallies, after Fed Chair Jerome Powell on Wednesday said rates would likely be hiked by only 25 basis points this month, although he warned of more aggressive rate hikes if inflation continues to build up.
The tech-heavy Nasdaq composite added 1.62 percent and the Dow Jones Industrial Average advanced 1.79 percent.
In Seoul, market behemoth Samsung Electronics advanced 1.53 percent, with No. 2 chipmaker SK hynix gaining 2.8 percent.
Internet portal operator Naver moved up 2.05 percent, and top carmaker Hyundai Motor jumped 3.81 percent. Bio heavyweight Samsung Biologics increased 0.52 percent.
The local currency was trading at 1,203.35 won against the U.S. dollar, up 2.75 won from the previous session’s close.
Source: Yonhap News Agency