Seoul, Sep 17 (SocialNews.XYZ) Seoul stocks opened higher on Thursday, led by gains in tech stocks, despite the US 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.
Overnight, major stock indexes on Wall Street closed down after the Fed delivered the first quarter-percentage point rate increase since 2023 to combat inflationary pressures, reports Yonhap news agency.
The Fed raised its base rate by a quarter percentage point to a range of 3.75 percent and 4 percent.
"Local stocks are expected to suffer volatility, as investors digest the hawkish Federal Open Market Committee meeting," said Han Ji-young, an analyst from Kiwoom Securities.
Market top-cap Samsung Electronics added 0.3 percent, while its industry rival SK hynix shed 0.8 percent.
Battery maker LG Energy Solutions dipped 0.82 percent, while financial firm KB Financial rose 1.47 percent, and defense giant Hanwha Aerospace increased 1.14 percent.
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.
Meanwhile, foreign investors became net buyers of South Korean stocks in August ending their seven-month selling binge despite geopolitical tensions and rising bond yields, central bank data showed on Thursday.
Offshore investors bought a net US$0.4 billion worth of local stocks last month, following a net selling of $20.7 billion in July, according to data from the Bank of Korea (BOK).
Foreign investors had been net sellers of local stocks since January this year.
The BOK said foreign investors snatched up local stocks, backed by improved sentiment helped by sound earnings from big tech firms in the United States amid resurgent Middle East tensions and lingering concerns over excessive investment in artificial intelligence (AI) infrastructure.
They, meanwhile, sold off $4.53 billion worth of local bonds last month, following a $0.96 billion sell-off the previous month. The won was trading at 1,368.6 won per dollar at the end of August, compared with 1,424.0 won a month earlier.
—IANS
na/
Source: IANS
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