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Kospi edges up after mixed close on Wall Street

Published: 31 Jul. 2024, 10:02

CHO YONG-JUN
[email protected]

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

Shares opened higher Wednesday, following a mixed close on Wall Street, as investors expect the Federal Reserve may begin a rate-cutting cycle later this year.

The benchmark Kospi added 5.20 points, or 0.19 percent, to 2,743.39 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.5 percent to 40,743.33 points, but the tech-heavy Nasdaq fell 1.3 percent to 17,147.42.

This week, all eyes are on the Fed's policy decision on Wednesday (U.S. time) and the earnings results of big tech firms, such as Apple and Amazon.

With signs of cooling inflation, the U.S. central bank is widely expected to cut rates as early as September.

In Seoul, auto and tech stocks led gains.

Samsung Electronics rose 1.2 percent, Hyundai Motor climbed 0.6 percent, Hyundai Mobis gained 0.2 percent and Amorepacific was up 4.4 percent.

Among decliners, LG Energy Solution fell 1.4 percent, Posco lost 1.7 percent and Korean Air shed 0.2 percent.

The local currency was trading at 1,384.05 won against the dollar, down 1.25 won from the previous session's close.

BY CHO YONG-JUN, YONHAP [[email protected]]