SEOUL — South Korean shares witnessed a significant uptick late Wednesday morning, buoyed by softer U.S. inflation figures.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) rose by 48.63 points, an increase of 2 percent, reaching 2,481.88 by 11:20 a.m. This surge in the Seoul stock market followed gains in U.S. stocks, which closed higher overnight. The uplift was triggered by the latest U.S. consumer price index report, indicating the slowest inflation growth since 2021. This data has fueled optimism that the U.S. Federal Reserve might pause or cease interest rate hikes. The Dow Jones Industrial Average gained 1.43 percent, and the Nasdaq Composite saw a more substantial jump of 2.37 percent. In Seoul, major companies experienced growth, with Samsung Electronics climbing 1.55 percent and LG Energy Solution soaring by 3.2 percent. Hyundai Motor and top portal operator Naver also saw significant gains of 4.05 percent and 3.22 percent, respectively. Concurrently, the local currency strengthened against the U.S. dollar, trading at 1,300.75 won, up 28.15 won from the previous session's close.