Seoul shares open higher ahead of US jobs data


Seoul shares started the day on a positive note as investors awaited the release of US jobs data, which is expected to provide insights into the future policy direction of the Federal Reserve. The Korea Composite Stock Price Index rose by 15.66 points, or 0.55 percent, in the initial 15 minutes of trading, with institutions and foreigners purchasing a combined 358 billion won ($260 million) worth of stocks, offsetting individuals' stock selling valued at 352 billion won. The upcoming US jobs report for June is anticipated to reveal a slowdown in job growth, fueling expectations of a potential interest rate cut by the Fed within the year. In Seoul, gains were led by tech and auto stocks, with Samsung Electronics Co. and Hyundai Motor Co. among the notable performers. On the other hand, some companies experienced declines, including LG Energy Solution Ltd., SK Telecom Co., and SK Innovation Co. Meanwhile, the local currency was trading at 1,378.90 won against the US dollar, marking a 1.5 won increase from the previous session's close. Overall, the market's performance was influenced by anticipation of the US jobs data and its potential impact on the Fed's monetary policy decisions.


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