Kospi rises as U.S. Fed looks likely to cut rates next month

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Kospi rises as U.S. Fed looks likely to cut rates next month

Published: 22 Aug. 2024, 10:31 Updated: 22 Aug. 2024, 10:43

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

Shares opened higher Thursday after the minutes from the Federal Reserve's rate policy meeting showed that the "vast majority" of its policymakers support a rate cut next month.

The benchmark Kospi added 7.53 points, or 0.28 percent, to 2,708.66 in the first 15 minutes of trading.

Overnight, the Fed released the minutes of the FOMC meeting on July 30-31, which showed that the policymakers believed that it would "likely be appropriate to ease its policy at the next meeting."

The next FOMC meeting is set to take place on Sept. 17-18.

In Seoul, Samsung Electronics added 0.26 percent, and SK hynix rose 0.47 percent.

Search engine operator Naver increased 2.56 percent, and its rival Kakao moved up 2.32 percent. Krafton, a game publisher, increased 1.47 percent.

Oil refiner SK Innovation climbed 2.31 percent, and cosmetics firm AmorePacific gained 0.33 percent as well.

The local currency was trading at 1,334.1 won against the dollar, up 2.5 won from the previous session's close.

BY YOON SEUNG-JIN, YONHAP [[email protected]]