Seoul shares sharply up late Thurs. morning on hopes for U.S. rate cuts

South Korean shares traded sharply higher late Thursday morning amid hopes for rate cuts by the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) had surged 48.72 points, or 1.81 percent, to 2,738.86 as of 11:20 a.m. The KOSPI opened sharply higher after the Fed kept its policy rate intact for a fifth consecutive session Wednesday (U.S. time) at the 5.25 to 5.50 percent range but signaled as many as three rate cuts within the year. The Dow Jones Industrial Average climbed 1.03 percent to close at a new high of 39,512.13 overnight. In Seoul, most large caps were trading higher. Market bellwether Samsung Electronics advanced 2.47 percent, while No. 2 chipmaker SK hynix spiked 6.96 percent. Lead battery maker LG Energy Solution added 1.10 percent, with its local rival Samsung SDI gaining 0.77 percent. Top automaker Hyundai Motor soared 3.11 percent, with lead chemicals producer LG Chem climbing 0.80 percent. The local currency was trading at 1,328.15 won against the U.S. dollar, up 11.65 won from the previous session's close. Source: Yonhap News Agency