South Korean stocks opened higher on Friday and Wall Street rose, largely as weaker-than-expected U.S. inflation data sparked speculation that the Federal Reserve may ease its tightening mode.
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The benchmark Korea Composite Stock Price Index had jumped up 69.71 points, or 2.9%, at 2,471.94 as of 9:15 a.m. Overnight, the tech-heavy NASDAQ Composite declined 7.35 percent. The Dow Jones Industrial Average and the S&P 500 climbed 3.7 percent and 5.54 percent, respectively.
U.S. inflation rose less than expected in October, raising hopes that the Federal Reserve may scale back its aggressive pace of interest rate hikes. The Fed’s last rate-setting meeting of the year is scheduled for Dec. 13-14.
In Seoul, market leader Samsung Electronics rose 3.81 percent, while No. 2 chipmaker SK Hynix gained 6.51 percent. Moreover, top automaker Hyundai Motor increased by 1.77 percent, and internet portal operator Naver surged by 8.52 percent.
