Seoul shares end up for 2nd day ahead of Fed's rate decision


On Monday, Seoul's stock market saw a second consecutive day of gains as investors anticipated a potential interest rate cut by the US Federal Reserve in September. This positive sentiment led to a 1.23 percent increase in the Korea Composite Stock Price Index, with the Korean won strengthening against the US dollar. Market activity was moderate, with a higher number of gainers compared to losers. Institutional and foreign investors purchased a total of 522 billion won in stocks, offsetting individual investors' selling of stocks valued at 485 billion won. Investors are closely monitoring the upcoming Federal Reserve meeting and the earnings reports of major tech companies like Apple, Amazon, and Samsung Electronics this week. In Seoul, technology and automotive stocks were among the top gainers. Samsung Electronics, SK hynix, Hyundai Motor, and Hyundai Mobis all recorded gains, while shipbuilder Hanwha Ocean, SK Corp., and Samsung SDI saw declines. The local currency also strengthened against the dollar, trading at 1,381.00 won as of 3:30 p.m., up 3.85 won from the previous session. The outcome of the Federal Reserve meeting and the performance of major tech firms are expected to have a significant impact on the market's overall direction.


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