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Seoul shares open higher on hope for US rate cut

By Yonhap

Published : July 29, 2024 - 09:45

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul shares opened higher Monday on hope for the US Federal Reserve's rate cut and earnings releases of major tech firms this week.

The benchmark Korea Composite Stock Price Index rose 27.62 points, or 1.01 percent, to 2,759.52 in the first 15 minutes of trading.

All eyes are on the US central bank's policy decision and earnings results by Apple Inc., Amazon.com Inc. and Samsung Electronics Co. The Fed is expected to cut rates as early as in September.

In Seoul, tech and auto stocks led gains.

Market behemoth Samsung Electronics Co. rose 1.1 percent, No. 2 chipmaker SK hynix Inc. climbed 0.8 percent, top carmaker Hyundai Motor Co. gained 1.6 percent, and leading auto parts maker Hyundai Mobis Co. was up 1.3 percent.

Among decliners, leading cosmetics firm Amorepacific Corp. fell 0.9 percent, LG Chem Ltd. declined 1.1 percent, and dominant tobacco company KT&G Corp. was down 0.1 percent.

The local currency was trading at 1,384.85 won against the US dollar, up 0.95 won from the previous session's close. (Yonhap)

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