Kospi sees gains as investors await U.S. jobs data

Finance

Published: 05 Jul. 2024, 11:42

Kospi sees gains as investors await U.S. jobs data

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Friday. [YONHAP]

Shares opened higher Friday as investors await U.S. job data for clues on the U.S. Federal Reserve's future policy path.

The Kospi gained 15.66 points, or 0.55 percent, to 2,840.60 in the first 15 minutes of trading.

Institutions and foreigners bought a combined 358 billion won ($260 million) worth of stocks, offsetting individuals' stock selling valued at 352 billion won.

The U.S. jobs report due Friday U.S. time is forecast to show slowing job growth in June, raising hopes that the Fed will cut interest rates within this year.

In Seoul, tech and auto stocks led gains.

Samsung Electronics rose 1.3 percent, SK hynix climbed 0.4 percent, Hyundai Motor gained 0.7 percent and Kia was up 0.9 percent.

Among decliners, LG Energy Solution fell 1.7 percent, SK Telecom declined 0.2 percent and SK Innovation shed 1.8 percent.

The local currency was trading at 1,378.90 won against the dollar, down 1.5 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]