The Kospi rises 0.71% amid less fear of a premature rate hike in the US

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SEOUL, Jun 22 (EFE) .- The main index of the Seoul stock market, the Kospi, rose 0.71% this Tuesday after new comments from a member of the United States Federal Reserve (Fed) that allayed certain fears to an anticipated rise in interest rates.

The Kospi advanced 23.09 points, to stand at 3,263.88 units, in a session in which 15.2 trillion won (11,260 million euros) were moved.

The Kosdaq technology stock index added 0.06% or 0.57 points to 1,011.56 integers.

The South Korean stock market erased almost all the losses it made the day before due to the Fed’s hard-line stance to advance the rise in interest rates and the withdrawal of monetary stimuli adopted in the wake of the covid pandemic to the end of 2022. , due to the strong inflation derived from the economic recovery.

The dovish core of the US central bank is betting on starting the process in 2023, and recent remarks by New York Fed Chairman John Williams, saying the recent rise in inflation is likely temporary, encouraged investors in Seoul and South Korea. drove today’s stock market rally.

The technological Samsung Electronics, a reference value of the local market, fell 0.13%, while the second largest South Korean chipmaker, SK hynix, closed flat.

The country’s main internet provider, Naver, fell 1.51% and pharmaceutical company Samsung Biologics lost 0.94%.

South Korea’s largest carmaker Hyundai Motor, by contrast, rose 3.43% and the shares of chemical firm LG Chem rose 2.43%.

The local currency, the won, rose 2.80 against the US dollar, which was trading at 1,131.90 won at the close of the session. EFE

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