Kospi surges amid hopes for Fed rate cut
Published: 16 May. 2024, 09:42
Updated: 16 May. 2024, 10:34
- KIM JU-YEON
- kim.juyeon2@joongang.co.kr
Shares got off to a strong start Thursday on hopes for the U.S. Federal Reserve's possible rate cut after slower-than-expected inflation in the world's largest economy.
The Kospi gained 35.69 points, or 1.31 percent, to 2,766.03 in the first 15 minutes of trading.
Overnight, the U.S. stock market closed at record highs, with the Dow Jones Industrial Average rising 0.88 percent and the Nasdaq composite jumping 1.4 percent.
The latest consumer price index data showed that inflation in the world's largest economy was easing, fueling optimism that the Fed will cut its policy rate later this year.
In Seoul, most shares started in positive territory.
Samsung Electronics rose 1.66 percent and SK hynix jumped 3.62 percent.
Kia gained 1.05 percent, and LG Energy Solution added 0.39 percent.
Lotte Shopping advanced 1.3 percent, and Celltrion climbed 1.05 percent.
The local currency was trading at 1,353.15 won against the dollar, down 15.95 won from the previous session's close.
BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]
with the Korea JoongAng Daily
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