Tech gains lift Kospi as investors brace for Fed, election news

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Tech gains lift Kospi as investors brace for Fed, election news

Published: 04 Nov. 2024, 10:03

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

Stocks kicked off slightly higher Monday tracking tech gains on Wall Street, while investors were paying close attention to the U.S. presidential election and the Federal Reserve's rate decision to take place later this week.

The Kospi rose 8.6 points, or 0.34 percent, to 2,550.96 in the first 15 minutes of trading.

On Friday, Wall Street finished higher, with the Dow Jones Industrial Average up 0.69 percent, the Nasdaq composite up 0.8 percent and the S&P 500 up 0.41 percent, as blue chip tech shares, including Amazon, Intel and Nvidia, gained ground.

Investors' eyes are on the U.S. presidential election slated for Tuesday and the two-day Federal Open Market Committee meeting through Thursday.

In Seoul, Samsung Electronics gained 1.2 percent, while its SK hynix added 1.65 percent.

Hyundai Motor climbed 1.41 percent, with its Kia up 2.12 percent.

Naver also jumped 2.42 percent.

But battery and financial shares were weak.

LG Energy Solution lost 0.24 percent, and Samsung SDI decreased 0.15 percent.

KB Financial and Meritz Financial slid 1.74 percent and 2.14 percent, respectively.

The local currency was trading at 1,375.30 won against the U.S. dollar, down 4.1 won from the previous session.

Yonhap