South Korean stocks rose late Monday morning on November 24 amid hopes for a US rate cut and gains in technology shares. The KOSPI index added 1.11 percent to 3,896.12 as of 11:20 a.m. Semiconductors and banks led the advance.
On Monday, November 24, Seoul's stock market climbed late in the morning, buoyed by expectations of further US interest rate cuts. New York Federal Reserve President John Williams hinted at additional cuts this year, lifting major US indices after Friday's close. The Dow Jones Industrial Average gained 1.08 percent, while the Nasdaq Composite rose 0.88 percent.
Trading opened higher, with the KOSPI adding 0.74 percent to 3,881.84 in the first 15 minutes, driven by bargain hunting after last week's sharp drop amid artificial intelligence bubble concerns. The index had fluctuated last week: up 1.94 percent on Monday, down 3.32 percent Tuesday, up 1.92 percent Thursday, and plunging 3.79 percent Friday.
By 11:20 a.m., the KOSPI had risen 42.86 points, or 1.11 percent, to 3,896.12. Semiconductor leaders Samsung Electronics surged 3.85 percent, and SK hynix vaulted 3.25 percent. Banks followed, with Hana Financial Group up 1.1 percent and Shinhan Financial Group adding 1.3 percent. Game publisher NCSOFT soared 6.38 percent, and cosmetics firm APR mounted 4.83 percent. However, Hyundai Motor retreated 0.19 percent, and LG Energy Solution sank 2.47 percent.
The local currency traded at 1,470.4 won per US dollar at 9:15 a.m., up 5.4 won from the prior session, and at 1,473.05 won by 11:20 a.m., up 2.75 won. This uptick reflects optimism from US rate cut hopes and global market recovery signals.
