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Seoul shares open sharply higher on U.S. rallies

All News 09:29 November 11, 2022

SEOUL, Nov. 11 (Yonhap) -- South Korean stocks opened steeply higher Friday on overnight Wall Street rallies, largely as weaker-than-expected inflation data in the United States raised speculation of the Federal Reserve going easy on a tightening mode.

The benchmark Korea Composite Stock Price Index (KOSPI) had jumped 69.71 points, or 2.9 percent, to 2,471.94 as of 9:15 a.m.

Overnight, the tech-heavy NASDAQ Composite surged a jaw-dropping 7.35 percent. The Dow Jones Industrial Average and the S&P 500 soared 3.7 percent and 5.54 percent, respectively.

The slower-than-expected U.S. inflation growth in October raised investors' hopes that the Fed may tone down its aggressive rate hikes. The Fed's last rate-decision meeting of the year is set for Dec. 13-14.

In Seoul, market bellwether Samsung Electronics swelled 3.81 percent, and No. 2 chipmaker SK hynix soared 6.51 percent.

Top automaker Hyundai Motor increased 1.77 percent, and internet portal operator Naver surged 8.52 percent. Chemical giant LG Chem gained 6.51 percent.

The Korean won was changing hands at 1,346.4 won against the U.S. dollar as of 9:15 a.m., climbing 31.1 won from the previous session's close.


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