Seoul Stocks Surge on Eased US Rate-Hike Worries

Seoul stocks opened higher on Friday as investor concerns over US interest rate hikes eased following dovish remarks from Federal Reserve Governor Christopher Waller. The benchmark KOSPI rose 1.47% to 6,676.38 at 9:16 a.m., while the Korean won strengthened against the US dollar.

Overnight gains on Wall Street contributed to the positive sentiment, with the Dow Jones Industrial Average rising 1.18%, the S&P 500 gaining 1.06%, and the Nasdaq Composite advancing 1.4%. Major Korean stocks such as Samsung Electronics, SK hynix, Hyundai Motor, LG Energy Solution, and Hanwha Aerospace all traded higher.

Despite the positive trend, it is worth noting that Waller's remarks did not signal a complete reversal of the Fed's monetary policy stance. The market remains cautious, and investors will continue to monitor developments in the US economy and financial markets.