Seoul shares open higher as Fed chair hints at possible rate cut this year

South Korean stocks opened higher Thursday as U.S. Federal Reserve Chair Jerome Powell hinted that the rate cut is likely "at some point this year." The benchmark Korea Composite Stock Price Index added 9.77 points, or 0.37 percent, to 2,651.26 in the first 15 minutes of trading. Overnight, the U.S. stock market closed higher with the Dow Jones Industrial Average rising 0.2 percent and the tech-heavy Nasdaq Composite advancing 0.58 percent. During the testimony delivered before the House of Representatives, Powell said a rate cut is likely to happen if there are more signs that inflation is slowing, although the economy still remains uncertain. In Seoul, top tech giant Samsung Electronics moved up 0.14 percent, and No. 2 chipmaker SK hynix rose 0.98 percent. Pharmaceutical shares also kicked off higher, with Samsung Biologics rising 3.18 percent and Celltrion advancing 0.5 percent. The local currency was trading at 1,328.6 won against the U.S. dollar, up 5.9 won from the previous session's close. Sour ce: Yonhap News Agency