SEOUL — South Korea's benchmark KOSPI index surged 2.81% to 6,903.94 by mid-afternoon Friday, adding 188.53 points, as falling global oil prices and a widely anticipated interest rate increase from the U.S. Federal Reserve combined to ease inflation worries that had rattled markets throughout the week.

The rally built on strength that was evident from the opening bell. The index opened at 6,885.70, up 170.29 points, or 2.54%, from the previous close, and continued climbing through the morning session, touching 6,870.45 by 9:02 a.m. local time before extending further gains into the afternoon. The advance marked one of the KOSPI's strongest single-day performances in recent weeks, offering a sharp reversal from a volatile stretch that had seen the index swing between steep losses and partial recoveries over the preceding four trading sessions.

Friday's gains tracked a broadly positive overnight session on Wall Street. U.S. stocks closed higher after falling oil prices and easing pressure in the bond market lifted investor sentiment, with the S&P 500 adding 1.14% and the technology-heavy Nasdaq Composite climbing 1.69%. That rally followed confirmation that the Federal Reserve had raised interest rates as widely expected, an outcome that removed a significant source of uncertainty that had weighed on global markets throughout the week. Combined with a pullback in........

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