Kospi rises as U.S. economic growth slows

Home > Business > Finance

Kospi rises as U.S. economic growth slows

Published: 31 May. 2024, 09:49 Updated: 31 May. 2024, 11:52

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,635.44 points on Thursday, down 1.56 percent, or 41.86 points, from the previous trading session. [YONHAP]

Shares opened higher Friday as U.S. economic growth grew slower than expected, and poor corporate earnings revived hopes for the Federal Reserve's rate cuts.

The Kospi rose 19.27 points, or 0.73 percent, to 2,654.71 in the first 15 minutes of trading.

Investors are also awaiting U.S. 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.

Samsung Electronics rose 0.8 percent, Hyundai Motor climbed 0.4 percent, LG Energy Solution gained 1.5 percent and Korean Air was up 1.5 percent.

Among decliners, Hybe fell 3.5 percent, HMM declined 0.3 percent and the country's sole aircraft manufacturer Korean Aerospace Industries was down 0.4 percent.

The local currency was trading at 1,377.95 won against the U.S. dollar, down 1.45 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [[email protected]]