Seoul stocks jump on Fed's record rate cut

SEOUL, Dec. 17 (Yonhap) -- South Korean shares got off to a strong start
Wednesday as a historic U.S. interest rate cut revived investor optimism,
analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 28.23 points, or
2.43 percent, to 1,189.79 in the first 15 minutes of trading.
On Tuesday (local time) the U.S. Federal Reserve slashed its benchmark federal
funds rate to a target of zero to 0.25 percent from 1 percent and pledged more
steps to lift the sagging economy.
The Fed's historic decision promptly boosted Wall Street, with the Dow Jones
industrial average jumping 4.2 percent and the tech-heavy Nasdaq soaring 5.41
percent.
The local currency was trading at 1,323.75 to the U.S. dollar as of 9:15 a.m., up
26.05 won from Tuesday's close.
pbr@yna.co.kr
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