Seoul stocks open higher on dovish Fed

South Korean stocks started higher Thursday, driven by the U.S. Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index (KOSPI) gained 18.65 points, or 0.67 percent, to 2,789.34 in the first 15 minutes of trading. At its rate-setting meeting, the U.S. central bank froze its key rate in the 5.25-5.50 percent range. Chair Jerome Powell said a reduction in policy rate "could be on the table" at its upcoming meeting next month. The comments pushed up U.S. stocks, with the Dow Jones Industrial Average rising 0.24 percent and the tech-heavy Nasdaq Composite advancing 2.64 percent. In Seoul, market heavyweights led the upbeat start. Market bellwether Samsung Electronics added 1.19 percent, and its chipmaking rival SK hynix rose 3.03 percent. Top automaker Hyundai Motor gained 2.21 percent, and its affiliate Kia increased 1.07 percent. Leading battery maker LG Energy Solution climbed 1.08 percent, and major defense company Hanwha Aerospace went up 2.08 percent. The local currency w as trading at 1,368.85 won against the U.S. dollar, up 7.65 won from the previous session's close. Source: Yonhap News Agency