Kospi rises 1.28% as U.S. inflation stabilizes
![A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,636.52 points on Friday, up 0.04 percent, or 1.08 points, from the previous trading session. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/06/03/df162693-e748-4f10-b610-c47c9e830b20.jpg)
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,636.52 points on Friday, up 0.04 percent, or 1.08 points, from the previous trading session. [YONHAP]
Stocks got off to a strong start Monday as moderate U.S. inflation raised hopes for a possible rate cut by the Federal Reserve.
The Kospi rose 33.76 points, or 1.28 percent, to 2,670.28 in the first 15 minutes of trading.
The U.S. personal consumption expenditures (PCE) price index, excluding food and energy costs, increased 0.2 percent in April, meeting market expectations.
The PCE index is one of the key barometers for the U.S. central bank to set its tone.
In Seoul, Samsung Electronics jumped 1.9 percent, and SK hynix added 0.16 percent.
Hyundai Motor vaulted 4.74 percent, and LG Energy Solution climbed 2.27 percent.
The local currency was trading at 1,380.45 won against the U.S. dollar, down 4.05 won from the previous session's close.
BY CHOI HAE-JIN, YONHAP [choi.haejin@joongang.co.kr]
with the Korea JoongAng Daily
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