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Seoul shares open higher on continued rate-cut hopes

May 20, 2024 - 09:27 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)

South Korean stocks started higher Monday on continued hopes for a possible US rate cut.

The benchmark Korea Composite Stock Price Index gained 19.76 points, or 0.73 percent, to 2,744.38 in the first 15 minutes of trading.

On Wall Street on Friday, US stocks rallied to hit a record high, with the Dow Jones Industrial rising 0.34 percent to top the 40,000 point line for the first time.

In Seoul, market heavyweights opened bullish.

Top cap Samsung Electronics jumped 1.16 percent, and its chipmaking rival SK hynix advanced 1.32 percent.

No. 1 carmaker Hyundai Motor rose 0.82 percent, and leading battery maker LG Energy Solution climbed 0.66 percent.

Steel giant Posco Holdings added 0.88 percent, and CJ Cheiljedang, the top F&B firm, increased 1.5 percent.

The local currency was trading at 1,356.55 won against the US dollar, down 1.65 won from the previous session's close. (Yonhap)