Seoul: Seoul stocks opened higher Thursday, led by gains in tech stocks, despite the Federal Reserve's first rate hike in over three years. The benchmark Korea Composite Stock Price Index (KOSPI) was up 6.49 points, or 0.1 percent, to 6,724.46, as of 9:14 a.m.
According to Yonhap News Agency, major stock indexes on Wall Street closed down overnight after the Fed delivered the first quarter-percentage point rate increase since 2023 to combat inflationary pressures. The Fed raised its base rate by a quarter percentage point to a range of 3.75 percent and 4 percent.
Han Ji-young, an analyst from Kiwoom Securities, noted that "local stocks are expected to suffer volatility, as investors digest the hawkish Federal Open Market Committee meeting." Market top-cap Samsung Electronics added 0.3 percent, while its industry rival SK hynix shed 0.8 percent.
Battery maker LG Energy Solutions saw a dip of 0.82 percent, whereas financial firm KB Financial rose 1.47 percent, and defense giant Hanwha Aerospace increased by 1.14 percent. Meanwhile, the Korean won was quoted at 1,374.3 won against the U.S. dollar as of 9:14 a.m., up 2.7 won from the previous trading session.