Kospi up slightly after U.S. jobs data, investors' eyes on Jerome Powell

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Kospi up slightly after U.S. jobs data, investors' eyes on Jerome Powell

Published: 08 Jul. 2024, 09:53

KIM JU-YEON
kim.juyeon2@joongang.co.kr

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

Shares opened slightly higher Monday as last week's U.S. jobs data buoyed hopes the U.S. Federal Reserve will start cutting its rates this year.

The Kospi gained 2.23 points, or 0.08 percent, to 2,864.46 in the first 15 minutes of trading.

On Friday (U.S. time), Wall Street closed higher as data showed U.S. hiring moderated in June, bolstering expectations the Fed's policy pivot would start in September.

The eyes of investors are now on Fed Chairman Jerome Powell's congressional testimony and the release of U.S. Consumer Price Index data for June due later this week.

In Seoul, tech and auto stocks led the market advance.

Samsung Electronics rose 1.03 percent, while SK hynix was flat.

Hyundai Motor jumped 1.78 percent, and Kia added 0.24 percent.

Other big-cap shares started in negative territory.

LG Energy Solution dropped 0.56 percent, and Samsung SDI shed 0.52 percent.

Naver sank 1.01 percent, and Samsung Biologics retreated 0.87 percent.

Shinhan Financial Group and Hana Financial Group both plunged more than 1.8 percent.

The local currency was trading at 1,377.80 won against the dollar at 9:15 a.m., down 2.5 won from the previous session's close.

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