SEOUL: South Korean share prices hit a record intraday high on Thursday, tracking the rally on Wall Street after the US Federal Reserve lowered interest rates.
The Fed cut its benchmark rate by 25 basis points to 4.50 per cent Wednesday, as expected, and said risks to the financial markets from the credit crisis have eased.
At 9.13 am (0013 GMT), the KOSPI index was up 12.98 points or 0.6 per cent at 2,077.83, after touching a fresh intraday high of 2,085.45. Shares of brokerage houses were among the main gainers.
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