Kospi ticks up amid hopes for Fed rate cut
![A screen in Hana Bank's trading room in central Seoul shows the Kospi closing on Wednesday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/07/04/4cfd582e-3300-406f-9f27-76d89d1cd727.jpg)
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing on Wednesday. [YONHAP]
Shares got off to a strong start Thursday, tracking overnight gains on Wall Street led by hopes for a possible rate cut.
The Kospi gained 23.37 points, or 0.84 percent, to 2,817.38 in the first 15 minutes of trading.
In the United States, the S&P 500 index and tech-heavy Nasdaq composite rose to hit record highs backed by Tesla and Nvidia amid softening labor data raising hopes for a rate cut by the Federal Reserve.
In Seoul, Samsung Electronics jumped 3.55 percent, and Hyundai Motor rose 0.91 percent.
KB Financial Group advanced 1.07 percent, and Hanwha Aerospace added 1.72 percent.
The local currency was trading at 1,384.35 won against the dollar, down 6.25 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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