SEOUL — South Korean stocks experienced a rise late Wednesday morning, driven by substantial gains in major technology stocks. The Korea Composite Stock Price Index (KOSPI) saw an increase of 17.82 points, reaching 2,639.32 by 11:20 a.m., reflecting optimism in the global financial markets.
According to Yonhap News Agency, the uptick in Seoul's stock market was influenced by overnight gains in major U.S. indexes, which moved higher after softer producer price data prompted speculation that the Federal Reserve might soon cut interest rates. In the local market, tech giants led the surge, with Samsung Electronics climbing 1.58 percent and SK hynix leaping by 3.08 percent, mirroring the tech rally on Wall Street. Additionally, LG Energy Solution, a leading battery maker, rose 2.88 percent, following a jump by U.S. electric vehicle giant Tesla. Other significant gains were seen in Samsung SDI and POSCO Future M, which advanced 1.9 percent and 2.93 percent, respectively. The steel and chemical sectors also saw gains, with POSCO Holdings and LG Chem increasing by 1.39 percent and 2.43 percent. However, the auto sector lagged behind, with Hyundai Motor and Kia recording declines.
The local currency, the won, strengthened against the U.S. dollar, trading at 1,359.80 won, up 10.6 won from the previous session’s close.