Seoul shares climbed more than two percent on Wednesday as foreign investors bought heavily on hopes of a U.S. rate cut and a steadier foreign exchange market.

The benchmark Korea Composite Stock Price Index rose 103-point-09 points, or two-point-67 percent, to close at three-thousand-960-point-87.

Turnover was light at 291-point-five million shares worth 15-point-six trillion won, or ten-point-six billion U.S. dollars. Gainers outnumbered decliners 771 to 125.

Overnight, U.S. stocks rallied as economic data reinforced expectations that the Federal Reserve will cut rates at its meeting next month.

In Seoul, most shares finished higher.

Samsung Electronics jumped three-point-52 percent to close at 102-thousand-800 won. SK hynix rose zero-point-96 percent to 524-thousand won.

Naver surged four-point-15 percent ahead of a board meeting on its planned acquisition of Dunamu Inc., operator of the Upbit cryptocurrency exchange.

Chemical stocks rallied after the industry minister’s comments on restructuring. LG Chem soared nine-point-37, and Lotte Chemical rose one-point-48 percent.

Samsung Biologics advanced one-point-48 percent, and KB Financial Group climbed two-point-47 percent.

The tech-heavy KOSDAQ gained 21-point-29 points, or two-point-49 percent, to close at 877-point-32.

The South Korean won strengthened against the U.S. dollar by six-point-eight won, trading at one-thousand-465-point-six won as of 3:30 p.m.