Kospi opens flat as investors await Fed's rate cut decision

Finance

Published: 15 Jul. 2024, 09:35 Updated: 15 Jul. 2024, 09:45

Kospi opens flat as investors await Fed's rate cut decision

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

Shares opened nearly flat Monday as investors continued to cash in profits amid expectations over a rate cut by the U.S. Federal Reserve in September on the back of eased inflation.

The Kospi edged up 0.03 point to stand steady at 2,857.03 in the first 15 minutes of trading.

On Friday, all three major U.S. indexes gained ground amid growing hopes for the Fed's rate cut this year.

In Seoul, Samsung Electronics remained unchanged, while SK hynix added 0.64 percent.

Financial firms opened bearish, with KB Financial losing 1.49 percent and Shinhan Financial falling 0.95 percent.

Carmakers started weaker as well, with Hyundai Motor decreasing 0.37 percent and Kia moving down 1.4 percent.

Tech shares opened bullish. Naver added 1.49 percent, and Kakao gained 0.12 percent.

The local currency was trading at 1,379 won against the dollar at 9:15 a.m., down 6 won from the previous session's close.

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