SEOUL, Feb. 25 (Yonhap) — South Korean stocks opened steeply higher Thursday as the U.S. Federal Reserve chairman’s comments soothed inflation worries.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.82 points, or 1.6 percent, to 3,042.8 points in the first 15 minutes of trading.
Stocks lifted largely on Federal Reserve Chairman Jerome Powell’s overnight reiteration that the world’s largest economy still has a long way to go to recover from the pandemic’s fallout.
The rebound came a day after the key stock index tumbled to a month low from worries about post-pandemic inflation, heralded by a bond yields hike.
Samsung Electronics added 1.46 percent, and No. 2 chipmaker SK hynix jumped 4.41 percent.
Top automaker Hyundai Motor moved up 0.85 percent, with internet portal operator Naver gaining 1.87 percent. Leading chemical firm LG Chem advanced 1.16 percent.
Pharmaceutical firm Samsung Biologics climbed 1.07 percent, and Celltrion rose 3.72 percent.
The local currency was trading at 1,107.4 won against the U.S. dollar, up 4.8 won from the previous session’s close.