An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)
South Korean stocks got off to a strong start Tuesday, led by chemical and steel gains, amid growing expectations the US Federal Reserve will go easy on its aggressive rate hikes.
The benchmark Korea Composite Stock Price Index rose 12.54 points, or 0.5 percent, to trade at 2,524.62 in the first 15 minutes of trading.
Market watchers are increasingly betting the Fed will raise the interest rate by 0.25 basis point at the end of its policy meeting in May, following US jobs data pointing to robust employment growth in March.
The US consumer price index, a key gauge for the Fed's monetary policy, is also due on Wednesday.
In Seoul, large-cap chemical and steel stocks were strong. Leading chemicals producer LG Chem jumped more than 6 percent, and steelmaker Posco Holdings climbed 1.4 percent.
Market behemoth Samsung Electronics was up 0.2 percent, and top battery maker LG Energy Solution gained 2.5 percent.
No. 1 automaker Hyundai Motor slipped 0.3 percent and its auto components-making unit, Hyundai Mobis, lost 0.5 percent.
The local currency was trading at 1,320.70 won against the US dollar at around 9:15 a.m., down 1.0 won from Monday's close. (Yonhap)
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