Seoul - South Korean stocks witnessed a turnaround late Thursday morning, rebounding after the Bank of Korea's decision to maintain the key interest rate. The Korea Composite Stock Price Index, which opened 0.31 percent lower, climbed 5.34 points, a gain of 0.21 percent, to 2,525.15 by 11:20 a.m. This positive shift in the market followed the central bank's move to hold the interest rate steady at 3.5 percent for the seventh consecutive time during its latest meeting.
According to Yonhap News Agency, Additionally, the Bank of Korea adjusted its growth outlook for the next year, acknowledging ongoing economic challenges.
In the stock market, major companies showed mixed results. SK hynix, a leading chipmaker, rose by 0.61 percent, and automaker Kia increased by 0.47 percent. GS Construction & Engineering saw a 0.5 percent rise, and steel giant POSCO Holdings gained 0.1 percent. However, Samsung Electronics saw a 0.14 percent decline, and Hyundai Motor dropped by 0.11 percent. The local currency, meanwhile, strengthened slightly, trading at 1,289.2 won against the U.S. dollar, up 0.4 won from the previous session's close.