Seoul market jumps over 2% as oil falls and Fed rate hike eases inflation worries

On Friday morning, the Korea Composite Stock Price Index opened up roughly 2% after Wall Street closed higher, reflecting optimism from declining oil prices and reduced inflation concerns. Brent crude slipped close to 1%, easing pressure on global bond yields, and the Federal Reserve’s first rate hike in over three years was seen as a step to tame price growth. In Seoul, leading semiconductor firms Samsung Electronics rose nearly 3% and SK hynix gained over 4%, boosting the market’s advance, while battery maker LG Energy Solution and Hyundai Motor posted modest gains.

Financial services firm KB Financial was an exception, slipping about 1.5%. The Korean won appreciated marginally, trading around 1,381 won per dollar.