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Seoul shares open lower amid rate-cut delay prospects

June 17, 2024 - 09:34 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul shares opened lower Monday, after a mixed close on Wall Street, as investors remain concerned over a possible delay in long-awaited interest rate cuts by the US Federal Reserve.

The benchmark Korea Composite Stock Price Index fell 6.15 points, or 0.22 percent, to 2,752.27 in the first 15 minutes of trading.

On Friday, the Dow Jones Industrial Average fell 0.2 percent to 38,589.16 and the Nasdaq Composite rose 0.1 percent to 17,688.88.

The Fed has recently pared back projections for rate cuts this year and other central banks in Britain and Europe may follow suit depending on the results of inflation readings this week.

In Seoul, large-cap stocks were mixed.

Market bellwether Samsung Electronics Co. fell 0.9 percent, leading battery maker LG Energy Solution Ltd. declined 2 percent, leading steelmaker Posco Holdings shed 1.7 percent, and national flag carrier Korean Air Co. was down 0.9 percent.

Among gainers, top carmaker Hyundai Motor Co. rose 4.7 percent, its smaller affiliate Kia Corp. climbed 2.2 percent, and state-run Korea Gas Corp. gained 3 percent.

The local currency was trading at 1,382.35 won against the US dollar, down 3.05 won from the previous session's close. (Yonhap)