SEOUL: South Korean stocks got off to a strong start Monday as weak jobs data in the U.S. stoked speculations that the Federal Reserve may delay its first rate hike in almost a decade, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.21 points, or 0.77 percent to 1,984.89 in the first 15 minutes of trading.
Market heavyweights led the gain, with top-cap Samsung Electronics adding 0.6 percent and chip giant SK hynix soaring 2.6 percent.
U.S. stocks ended sharply higher on Friday (U.S. time) as lower-than-expected payroll data eased investors’ worries about the Fed’s imminent rate hike.
The South Korean currency was trading at 1,171.30 won against the U.S. dollar as of 9:15 a.m., up 9.4 won from Friday’s close.
