U.S. interest rate decline boosts stocks

The Seoul bourse started with a skyrocketing trend thanks to the U.S. lowering of interest rates. Boosted by the announcement by the Federal Reserve Board to cut the key federal funds overnight bank lending rate by 0.5 percentage point, the Korean bourse began with a strong rally.

Right after the market opening, the composite stock price index, or KOSPI, surged by 30 points to 551.53 and climbed further to 565.37, up 43.94 points from the previous day, but declined the hike gap somewhat later.

Large-capitalized issues, including Samsung Electronics (10.09 percent), SK Telecom (7.78 percent), and Korea Telecom (6.02 percent), led the bullish market.

The Kosdaq market soared by 4.56 points from the previous day to 61.46.