Kospi opens flat in aftermath of U.S. Fed rate cut

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Kospi opens flat in aftermath of U.S. Fed rate cut

Published: 23 Sep. 2024, 10:07

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

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

Shares opened almost flat Monday as investors paid attention to remarks by the U.S. Federal Reserve officials following a big cut last week.

The Kospi rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading.

Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut made Wednesday (U.S. time).

The Fed kicked off its monetary-easing cycle by cutting its overnight lending rate by half a percentage point to a range of 4.75 percent to 5 percent and also pledged further rate cuts.

In Seoul, big-cap stocks were mixed.

Samsung Electronics lost 0.79 percent, while chipmaker SK hynix edged up 0.13 percent.

Carmaker Hyundai Motor decreased 0.6 percent, while its smaller affiliate Kia gained 0.19 percent.

Battery and bio shares were strong.

Battery maker LG Energy Solution rose 1.14 percent, and Samsung SDI climbed 0.53 percent.

Bio firm Samsung Biologics jumped 1.79 percent, and Celltrion soared 2.23 percent.

The local currency was trading at 1,333.60 won against the dollar, up 4.5 won from the previous session.

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