Kospi opens higher despite first Fed rate hike in over 3 yrs

Stocks opened higher on Thursday, led by gains in tech stocks, despite the Federal Reserve's first rate hike in over three years.

The Kospi opened up 61.05 points, or 0.91 percent, to 6,779.02.

Overnight, major stock indexes on Wall Street closed down after the Fed delivered the first quarter-percentage-point rate increase since 2023 to combat inflationary pressures.

The Fed raised its base rate by a quarter percentage point to a range of 3.75 percent to 4 percent.

Yonhap