Published : 2013-03-05 09:42
Updated : 2013-03-05 09:42
South Korean stocks got off to a strong start Tuesday, cheered by remarks from a U.S. Federal Reserve official supporting the bond-buying program amid speculations the Fed may put an end to it, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained
12.22 points, or 0.61 percent to 2,025.37 in the first 15 minutes of trading.
Most shares trended upward, with large-cap exporters fueling the main index. Market behemoth Samsung Electronics rose 1.2 percent, with No. 1 carmaker Hyundai Motor adding 0.5 percent.
Federal Reserve Vice Chairman Janet Yellen said on Monday the Fed should continue with the US$85 billion monthly bond purchase.
It drove up the Dow Jones industrial average close to the all-time high.
The local currency was trading at 1,088.90 won against the U.S.
dollar as of 9:15 a.m., up 4.3 won from Monday's close. (Yonhap News)