Seoul shares open nearly flat amid US rate cut hopes


Seoul's stock market began the week with minimal movement, as traders looked to secure profits amid expectations of a potential interest rate cut by the Federal Reserve in September, driven by reduced inflation concerns. The Korea Composite Stock Price Index saw marginal gains of 0.03 points, holding at 2,857.03 in the initial 15 minutes of trading. In the U.S., optimism surrounding a potential rate cut contributed to gains in major indexes. In Seoul's trading session, Samsung Electronics saw no change, while SK hynix, the second-largest chipmaker, rose by 0.64 percent. However, financial institutions opened on a bearish note, with KB Financial and Shinhan Financial experiencing losses of 1.49 percent and 0.95 percent, respectively. Likewise, the automotive sector saw a decline, with Hyundai Motors and Kia Motors dropping by 0.37 percent and 1.4 percent, respectively. Meanwhile, Naver, a leading online search engine, and its competitor Kakao experienced gains of 1.49 percent and 0.12 percent, respectively. Additionally, the local currency was trading at 1,379 won against the US dollar at 9:15 a.m., marking a 6-won increase from the previous session's close.


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