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지나쌤

Seoul shares open higher on hopes for Fed's rate cut

By Yonhap

Published : May 31, 2024 - 09:39

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

Seoul shares opened higher Friday as the US economic growth grew at a slower-than-expected pace and poor corporate earnings revived hopes for the Federal Reserve's rate cuts.

The benchmark Korea Composite Stock Price Index rose 19.27 points, or 0.73 percent, to 2,654.71 in the first 15 minutes of trading.

Investors are also awaiting US consumption data due later in the day, which may offer clues on the Fed's future policy path.

In Seoul, most large-cap stocks advanced.

Market bellwether Samsung Electronics Co. rose 0.8 percent, top carmaker Hyundai Motor Co. climbed 0.4 percent, leading car battery maker LG Energy Solution Ltd. gained 1.5 percent, and national flag carrier Korean Air Co. was up 1.5 percent.

Among decliners, Hybe, the K-pop powerhouse behind BTS, fell 3.5 percent, leading shipping firm HMM declined 0.3 percent, and the country's sole aircraft manufacturer Korean Aerospace Industries Co. was down 0.4 percent.

The local currency was trading at 1,377.95 won against the US dollar, up 1.45 won from the previous session's close. (Yonhap)

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