Kospi rises on hopes for U.S. rate cut
![Screens in Hana Bank's trading room in central Seoul show how the stock markets closed on Friday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/05/20/76a0fe6a-9c2e-4f05-9397-e6398e4585b5.jpg)
Screens in Hana Bank's trading room in central Seoul show how the stock markets closed on Friday. [YONHAP]
Shares started higher Monday on continued hopes for a possible U.S. rate cut.
The Kospi gained 19.76 points, or 0.73 percent, to 2,744.38 in the first 15 minutes of trading.
On Wall Street on Friday (U.S. time), U.S. stocks rallied to hit a record high, with the Dow Jones Industrial rising 0.34 percent to top the 40,000 point line for the first time.
In Seoul, market heavyweights opened bullishly.
Samsung Electronics jumped 1.16 percent, and SK hynix advanced 1.32 percent.
Hyundai Motor rose 0.82 percent, and LG Energy Solution climbed 0.66 percent.
Posco Holdings added 0.88 percent, and CJ Cheiljedang increased 1.5 percent.
The local currency was trading at 1,356.55 won against the dollar, up 1.65 won from the previous session's close.
BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]
with the Korea JoongAng Daily
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