SEOUL, 10th May, 2024 (WAM) -- Seoul shares trimmed earlier gains late Friday morning, with investors assessing the latest jobs data supporting the case for US rate cuts, Yonhap News Agency reported.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.44 points, or 0.64 percent, to 2,729.58 as of 11:20 am.
The number of US jobless claims jumped last week to the highest level in more than eight months, renewing hopes for the Federal Reserve's rate cuts this year.
Overnight, the Dow Jones Industrial Average increased 0.9 percent to 39,387.76 points, and the tech-heavy Nasdaq gained 0.3 percent to 16,346.26.
Individuals sold a net 311 billion won (US$228 million) worth of stocks, while institutions and foreigners bought a combined 338 billion won stocks.
In Seoul, tech, auto and airline stocks led gains.
The local currency was trading at 1,368.90 won against the US dollar, up 1.2 won from the previous session's close.