Seoul shares open higher on U.S. rate cut hopes

South Korean shares opened slightly higher Monday amid growing hopes for a U.S. rate cut. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.85 points, or 0.11 percent, to 2,704.54 in the first 15 minutes of trading. The increase follows sharp gains on Wall Street, prompted by remarks from U.S. Federal Reserve Chair Jerome Powell that hinted at the start of U.S. rate cuts in the near future. The Dow Jones Industrial Average surged 1.14 percent to close at 41,175.07 Friday (U.S. time), with the tech-heavy Nasdaq spiking 1.47 percent to 17,877.79. In Seoul, large caps traded mixed. Market bellwether and tech giant Samsung Electronics shed 0.39 percent, while its local chipmaking rival SK hynix gained 0.43 percent. Top pharmaceutical firm Celltrion surged 1.61 percent, and leading battery maker LG Energy Solution spiked 3.06 percent, but top automaker Hyundai Motor lost 0.79 percent. The local currency was trading at 1,326.85 won against the U.S. dollar, up 1.15 won from the previous session 's close. Source: Yonhap News Agency