South Korean stocks opened higher on the 17th despite hawkish signals from the U.S. Federal Open Market Committee. While the FOMC outcome highlighted the possibility of another rate increase this year, investors bought into the market on the view that those concerns had largely been priced in, aided by falling oil prices and improving sentiment toward artificial intelligence.
The KOSPI opened at 6,779.02, up 61.05 points, or 0.91%, from the previous session, according to the Korea Exchange. At around 9:05 a.m., the index stood at 6,763.37, up 45.40 points, or 0.68%. It had traded above 6,780 early in the session before giving back some gains.
The KOSDAQ also advanced. As of 9:02 a.m., it was at 820.66, up 4.68 points, or 0.57%, from the previous session, and later extended gains to 823.28.
Most large-cap stocks on the main board rose. As of 9:05 a.m., Samsung Electronics (005930.KS) traded at 256,000 won, up 2,500 won, or 0.99%. SK hynix (000660.KS) slipped 0.11% to 1,757,000 won. SK Square (402340.KS) rose 0.39%, Samsung Electro-Mechanics (009150.KS) 0.22% and Samsung Biologics (207940.KS) 0.50%.
Samsung C&T (028260.KS) climbed 2.40% to 362,000 won, one of the larger gains among top-capitalization stocks. KB Financial Group (105560.KS) added 0.06%. LG Energy Solution (373220.KS) fell 0.41% and Hyundai Motor (005380.KS) declined 0.14%.
Most KOSDAQ heavyweights also gained. Alteogen (196170.KQ) rose 1.37% to 259,000 won, EcoPro (086520.KQ) gained 1.22% to 83,200 won and EcoPro BM (247540.KQ) added 0.86% to 105,000 won.
Jusung Engineering (036930.KQ) traded at 208,000 won, up 2.97%. LEENO Industrial (058470.KQ) rose 1.67%, EO Technics (039030.KQ) 0.85%, Robotis (108490.KQ) 0.81%, Rainbow Robotics (277810.KQ) 0.71% and Wonik IPS (240810.KQ) 0.59%.
On Wall Street overnight, stocks closed lower as investors digested the September FOMC decision, which was read as hawkish. The Dow Jones Industrial Average fell 1.21% and the Standard & Poor's 500 dropped 0.45%. The Nasdaq Composite edged down 0.01%.
