Kospi opens higher as hopes for a U.S. rate cut grow

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Kospi opens higher as hopes for a U.S. rate cut grow

Published: 03 Sep. 2024, 10:41

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

Shares opened higher Tuesday, helped by large cap gains amid growing hopes for a U.S. rate cut.

The Kospi added 12.33 points, or 0.46 percent, to 2,693.33 in the first 15 minutes of trading.

The index has closed higher for two consecutive sessions, with a growing number of investors expecting the United States to start cutting interest rates as early as this month.

The U.S. Federal Reserve is set to hold its rate-setting meeting on Sept. 17-18 (U.S. time).

Samsung Electronics shed 0.27 percent, but pharmaceutical firm Celltrion added 0.86 percent, while mobile communications service provider SK Telecom advanced 0.72 percent.

Battery maker LG Energy Solution inched down 0.12 percent, following its 6.19 percent spike in the previous session, but Samsung SDS was up 0.39 percent.

Automaker Hyundai Motor dipped 0.81 percent, with its affiliate Kia Motors slipping 0.28 percent.

The local currency was trading at 1,338.10 won against the dollar, down 0.30 won from the previous session.

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