SEOUL - The South Korean stock market witnessed an upswing late Thursday morning, driven by a notable rebound in technology and battery shares.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) saw an increase of 42.63 points, amounting to a 1.85 percent rise, reaching 2,344.19 by 11:20 a.m. This follows the Federal Reserve's decision to maintain its key interest rate, aligning with expectations and providing a catalyst for the market's positive movement.
Leading the surge were technology stocks in Seoul, with industry giant Samsung Electronics climbing 1.75 percent and SK hynix, the second-largest chipmaker, gaining 3.08 percent. The upward trend extended to battery manufacturers, with LG Energy Solution and Samsung SDI escalating 3.71 percent and 5.05 percent, respectively.
The automotive sector also saw robust performance, with Hyundai Motor accelerating gains by 2.11 percent and Kia Motors appreciating by 1.68 percent. Hyundai Mobis, a key auto parts provider, witnessed a significant jump, surging 3.53 percent.
Concurrently, the South Korean won was traded at 1,341.80 against the U.S. dollar, which represented a depreciation of 15.5 won from the close of the previous trading session.