Seoul shares open tad higher on US rate-cut hopes


Seoul's stock market began the week on a positive note, with the Korea Composite Stock Price Index edging up 0.08 percent in the first 15 minutes of trading. The increase was attributed to optimism stemming from the recent US jobs data, which suggested a potential reduction in interest rates by the Federal Reserve later this year. This sentiment was mirrored in Wall Street's upward trajectory on Friday, driven by indications of moderated US hiring in June. With anticipation building around the Fed Chairman's upcoming testimony and the release of the US Consumer Price Index for June, investors are closely monitoring these developments. In the Korean market, technology and automotive stocks were at the forefront of the upward movement. Samsung Electronics and Hyundai Motor saw gains, while LG Energy Solution and Naver faced declines. Both Shinhan Financial Group and Hana Financial Group experienced notable drops, amid the local currency trading slightly higher against the US dollar. Overall, the market's focus remains on the potential policy shifts by the Federal Reserve and the upcoming economic data releases.


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