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Kospi opens higher after Wall Street spikes on hopes of further U.S. rate cuts

Published: 24 Sep. 2024, 10:41

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

Shares opened higher Tuesday tracking overnight gains on Wall Street amid hopes for more U.S. rate cuts.

The benchmark Kospi Index rose 0.58 percent, or 15.18 points, to 2,617.19 in the first 15 minutes of trading.

Overnight, major U.S. indexes gained ground as a number of the Federal Reserve's policymakers voiced support for more rate cuts in the future.

Last week, the Fed cut its 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, Samsung Electronics rose 0.96 percent, and SK hynix edged up 0.12 percent.

Battery makers also kicked off strong, driven by Tesla's 4.93 percent jump overnight.

LG Energy Solution soared 2.39 percent, and Samsung SDI surged 3.03 percent. Posco Future M also shot up 4.38 percent.

Carmaker Hyundai Motor also increased 1.41 percent, while its affiliate Kia gained 1.16 percent.

Chemical producer LG Chem rallied 5.17 percent.

Bio firms Samsung Biologics and Celltrion, however, declined 0.64 percent and 1.71 percent, respectively, as investors moved to take profit following a rally the previous day.

The local currency was trading at 1,333.90 won against the dollar, down 2.0 won from the previous session.

BY YOON SEUNG-JIN [[email protected]]