Seoul stocks gain on Fed's record rate cut

SEOUL, Dec. 17 (Yonhap) -- South Korean stocks rose 0.87 percent late Wednesday
morning, led by advancing financial shares following a historic interest rate cut
by the U.S. Federal Reserve, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) added 10.07 points to
1,171.63 as of 11:20 a.m.
"The U.S. rate cut is helping relieve investors' risk-averse sentiment and
induce exposure to emerging markets, said Kim Seung-han, an analyst at HI
Investment & Securities.
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 to do
its utmost to bolster the sagging economy.
The Fed's historic decision promptly lifted Wall Street, with the Dow Jones
industrial average surging 4.2 percent and the tech-dominated Nasdaq jumping 5.41
percent.
The local currency was trading at 1,324.2 won to the U.S. dollar as of 11:20
a.m., up 25.4 won from Tuesday's close.
pbr@yna.co.kr
(END)