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Seoul shares open higher on rate-cut hopes

June 3, 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 got off to a strong start Monday as moderate US inflation raised hopes for a possible rate cut by the Federal Reserve.

The benchmark Korea Composite Stock Price Index rose 33.76 points, or 1.28 percent, to 2,670.28 in the first 15 minutes of trading.

The US personal consumption expenditures price index, excluding food and energy costs, increased 0.2 percent in April, meeting market expectations.

The PCE index is one of the key barometers for the US central bank to set its tone.

In Seoul, market bellwether Samsung Electronics jumped 1.9 percent, and its chipmaking rival SK hynix added 0.16 percent.

Top carmaker Hyundai Motor vaulted 4.74 percent, and leading battery maker LG Energy Solution climbed 2.27 percent.

The local currency was trading at 1,380.45 won against the US dollar, up 4.05 won from the previous session's close. (Yonhap)