South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street led by a cooler-than-expected U.S. producer price index.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.24 points, or 1.12 percent, to 2,650.74 in the first 15 minutes of trading.

Overnight, major U.S. indexes gained ground as softer producer price data boosted bets the Federal Reserve will start cutting its rates soon.

In Seoul, market bellwether Samsung Electronics advanced 1.97 percent, and its chipmaking rival SK hynix jumped 3.3 percent.

Leading battery maker LG Energy Solution increased 1.52 percent, and its smaller rival Samsung SDI gained 1.27 percent.

Steel giant POSCO Holdings also rose 1.23 percent and top chemical producer LG Chem climbed 1.73 percent.

The local currency was trading at 1,364.25 won against the U.S. dollar, up 6.15 won from the previous session’s close.

Source: Yonhap News Agency