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Kospi ticks up 0.3% as U.S. Fed teeters toward rate cute this summer

Published: 01 Apr. 2024, 10:20 Updated: 01 Apr. 2024, 10:26

LEE SOO-JUNG
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the stock market prices as it opens on Monday. [YONHAP]

Shares opened higher Monday as the U.S. Federal Reserve waits for more evidence inflation is under control before cutting rates this year.

The Kospi rose 8.11 points, or 0.3 percent, to 2,754.74 in the first 15 minutes of trading.

Fresh inflation data released on Friday in the United States matched U.S. central bank expectations.

Fed Chair Jerome Powell said it would not be appropriate to cut rates until officials are sure inflation is on track to reach the 2 percent goal.

The U.S. central bank is widely expected to make this year's first rate cut in June.

In Seoul, tech and airlines led gains.

Samsung Electronics Co. rose 0.4 percent and SK hynix Inc. climbed 2 percent.

Hanjin KAL Corp., the parent firm of Korean Air Co., gained 1.2 percent.

SK Innovation Co. was up 0.3 percent.

Among decliners, Hyundai Motor Co. fell 0.4 percent and Kia Corp. declined 0.3 percent.

Posco Holdings shed 0.8 percent.

The local currency was trading at 1,343.85 won against the dollar, down 3.35 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [[email protected]]