Seoul shares open higher on hopes for rate cut by Fed


The Korea Composite Stock Price Index displayed on an electronic board at Hana Bank headquarters in Seoul indicated a positive opening for South Korean stocks following the release of minutes from the Federal Reserve's rate policy meeting. The majority of policymakers expressed support for a rate cut next month, leading to an initial increase of 0.28 percent in the benchmark index during the first 15 minutes of trading. The minutes from the FOMC meeting on July 30-31 revealed a consensus among policymakers that it would likely be appropriate to ease policy at the upcoming meeting scheduled for Sept. 17-18. In response to these developments, several key companies in South Korea experienced stock price movements. Samsung Electronics and SK hynix saw modest gains, while Naver and Kakao, both prominent in the tech industry, recorded notable increases. Additionally, game publisher Krafton, oil refiner SK Innovation, and cosmetics giant AmorePacific also observed positive stock performance. The local currency, the won, was trading at 1,334.1 won against the US dollar, representing a 2.5 won increase from the previous session's close.


Previous Post Next Post