An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korea's stock market opened higher Thursday as investors brace for yet another rate increase by the Bank of Korea (BOK).

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.02 points, or 0.45 percent, to trade at 2,458.47 as of 9:15 a.m.

The BOK is widely expected to raise its policy rate by 0.25 percentage point to 2.5 percent at a policy meeting later in the day.

The central bank delivered an unprecedented 0.5 percentage-point rate hike last month to tackle inflation. It was its sixth rate increase since August last year.

Investors will also be looking for any clues as to the US central bank's rate hiking plan at the annual meeting in Jackson Hole, Wyoming, slated for Friday (US time), where Federal Reserve Chair Jerome Powell is scheduled to give a speech.

Overnight, the US stock market edged up, snapping a three-day decline. The Dow Jones Industrial Average rose 0.18 percent, the S&P 500 gained 0.29 percent, and the tech-heavy Nasdaq climbed 0.41 percent.

In Seoul, large-cap stocks opened mixed.

Market bellwether Samsung Electronics gained 0.17 percent, and leading car battery maker LG Energy Solution went up 1.24 percent. No. 1 carmaker Hyundai Motor advanced 0.8 percent, and internet giant Naver gained 1.24 percent.

Among decliners, top chemical firm LG Chem retreated 0.49 percent, No. 2 chipmaker SK hynix shed 0.64 percent, and Samsung SDI declined 1.52 percent.

The local currency was trading at 1,341.00 won against the US dollar, up 1.1 won from the previous session's close. The won ended at 1,345.5 won against the greenback Tuesday, the lowest figure since April 28, 2009. (Yonhap)