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South Korea: Stocks jump on expectations of deeper Fed rate cut
[SEOUL] South Korean shares jumped about 1.5 per cent on Friday as dovish comments from a top Federal Reserve official fuelled expectations of a sharp U.S. rate cut later this month, while escalating tensions between Seoul and Tokyo had a limited impact.
The Seoul stock market's main KOSPI index closed 27.80 points, or 1.35 per cent higher at 2,094.35 points, posting its biggest daily percentage gain since late April.
For the week, the benchmark index gained 0.37 per cent.
The KOSPI has risen 2.61 per cent so far this year, but lost 0.1 per cent in the previous 30 trading sessions.