SEOUL: South Korean stocks got off to a strong start Wednesday amid growing optimism that China’s stock market will stabilize following a series of policy measures.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 28.5 points, or 1.52 percent, to land at 1,907.18 in the first 15 minutes of trading.
The Dow Jones industrial average jumped 2.42 percent and the tech-laden Nasdaq Composite rose 2.73 percent on hopes for further stimulus measures from the Chinese government to prop up the world’s second-largest economy.
Tech shares led the rally, with handset giant Samsung Electronics rising 1.15 percent and chipmaker SK hynix vaulting 4.17 percent.
AmorePacific, the nation’s largest cosmetics maker, advanced 4.21 percent and LG Household & Healthcare jumped 3.68 percent.
The local currency was trading at 1,193.45 won against the U.S. dollar as of 9:15 a.m., up 7.45 won from Tuesday’s close.
