South Korean stocks opened higher on Thursday, fueled by a better-than-anticipated US unemployment report for January. This report has heightened expectations that the Federal Reserve might maintain current interest rates.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 62.74 points, a 1.17 percent increase, reaching 5,417.23 within the first 15 minutes of trading.
Overnight in the US, major indexes experienced slight declines as investors reacted to the surprisingly strong US jobs report. This report instilled confidence in the US economy’s resilience and suggested the Federal Reserve could potentially hold interest rates steady.
Market participants are now keenly awaiting the release of US consumer price data on Friday, which is expected to provide further insight into the Federal Reserve’s monetary policy direction.
In Seoul, semiconductor leaders Samsung Electronics and SK hynix demonstrated strong starts, gaining 1.85 percent and 2.56 percent, respectively.
Artificial intelligence investment company SK Square saw a significant jump of 4.7 percent.
Shipbuilding and financial stocks also commenced trading on a positive note.
Major shipbuilder HD Hyundai Heavy increased by 2.23 percent, while its competitor Hanwha Ocean rose by 0.69 percent.
Shinhan Financial advanced 2.87 percent, and Hana Financial saw a gain of 1.75 percent.
Conversely, automotive giant Hyundai Motor began trading 1.38 percent lower, and power plant manufacturer Doosan Enerbility decreased by 2.72 percent.
Biopharmaceutical firm Celltrion declined by 2.09 percent after a rally the previous day.
