Seoul stocks trimmed earlier gains late Thursday morning after the Bank of Korea raised its key base rate by 0.25 percentage point to 3 percent. The KOSPI was up 1.93 percent at 6,939.91 as of 11:20 a.m. after opening 2.76 percent higher. The move marked the first back-to-back rate hikes since January 2023. The Korean won was quoted at 1,379.2 won against the U.S. dollar.
Officials work at a dealing room of Hana Bank in Seoul, Thursday. Yonhap
Seoul stocks trimmed their earlier gains late Thursday morning, following a second consecutive rate-hike decision from the Bank of Korea (BOK).
After opening 2.76 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) rose 131.7 points, or 1.93 percent, to 6,939.91 as of 11:20 a.m.
Korea's central bank has raised the country's key base rate by 0.25 percentage point to 3 percent at its rate-setting meeting, in a bid to curb mounting inflationary pressure.
