Stocks open higher as U.S. Fed keeps rate steady

The Kospi rose 36.26 points, or 1.44 percent, to 2,546.92 in the first 15 minutes of trading.

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Thursday. [NEWS1]

Shares opened higher Thursday as investors cheered the U.S. Federal Reserve hinted at rate cuts next year.

The Kospi rose 36.26 points, or 1.44 percent, to 2,546.92 in the first 15 minutes of trading.

kept its baseline interest rate at a range of 5.25 to 5.5 percent

Overnight, the Federal Reserve kept its baseline interest rate at a range of 5.25 to 5.5 percent and hinted its hiking campaign may be near or at an end.

In Seoul, Samsung Electronics gained 1.65 percent, and LG Energy Solution rose 2.44 percent. SK hynix climbed 2.67 percent.

Naver moved up 2.58 percent, and Kakao increased 4.72 percent.

The local currency was trading at 1,294.6 won against the dollar, down 25.3 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]