Kospi opens higher on eased U.S. rate-hike woes

Stocks opened higher Friday, tracking overnight gains on Wall Street as investor concerns over further U.S. interest rate hikes eased following dovish remarks from a Federal Reserve official.

The benchmark Kospi opened up 74.88 points, or 1.14 percent, at 6,654.36.

Overnight, the Dow Jones Industrial Average rose 1.18 percent, while the S&P 500 gained 1.06 percent and the tech-heavy Nasdaq Composite advanced 1.4 percent.

Investor sentiment improved after Federal Reserve Gov. Christopher Waller signaled a cautious approach to further monetary tightening, easing concerns that the U.S. central bank could resume rate hikes.

Yonhap