KOSPI closes slightly higher on 'surprise' cut in benchmark interest rate

The KOSPI closed slightly higher on the Bank of Korea's "surprise" cut in its key interest rate.

Today (28th), the KOSPI closed at 2,504.67, up 0.06% from yesterday.

The KOSPI started lower and weakened before rebounding from the central bank's rate cut, crossing the 2,510 mark at one point during the day.

However, as concerns over slowing growth grew due to the downward revision of the growth forecast, most of the rise was returned and the door was barely closed.

KOSDAQ also closed up 0.35% at 694.39.

The local currency was trading at 1,395.6 won against the U.S. dollar as of 3:30 p.m., down 1.4 won.