SEOUL, 21st March, 2024 (WAM) -- South Korean shares traded sharply higher late Thursday morning amid hopes for rate cuts by the Federal Reserve, Yonhap News Agency reported.
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 am.
The KOSPI opened sharply higher after the Fed kept its policy rate intact for a fifth consecutive session Wednesday (US 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.
The local currency was trading at 1,328.15 won against the US dollar, up 11.65 won from the previous session's close.