South Korean stocks kicked off higher Monday as investor sentiment was boosted after Federal Reserve Chair Jerome Powell hinted at a possible rate cut during the US bank's meeting next month.
The benchmark Korea Composite Stock Price Index rose 23.53 points, or 0.74 percent, to 3,192.26 in the first 15 minutes of trading.
On Friday, Wall Street rallied after Powell said, "With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance," hinting at a possible cut at the Federal Open Market Committee meeting in September.
Investors also waited for the outcome of the upcoming summit between President Lee Jae Myung and US President Donald Trump, which will be held in Washington on Monday .
South Korean chipmaker SK hynix gained 1.59 percent, and battery producer LG Energy Solution climbed 1.29 percent. Samsung Electronics, however, edged down 0.14 percent.
Financial shares were also among winners, with KB Financial moving up 1.48 percent and Shihan Financial rising 0.9 percent.
The local currency was trading at 1,386.7 won against the US dollar at 9:15 a.m., up 6.5 won from the previous session. (Yonhap)
