Seoul shares open higher on hope for U.S. rate cut

Seoul shares opened higher Monday on hope for the U.S. Federal Reserve's rate cut and earnings releases of major tech firms this week. The benchmark Korea Composite Stock Price Index (KOSPI) rose 27.62 points, or 1.01 percent, to 2,759.52 in the first 15 minutes of trading. All eyes are on the U.S. central bank's policy decision and earnings results by Apple Inc., Amazon.com Inc. and Samsung Electronics Co. The Fed is expected to cut rates as early as in September. In Seoul, tech and auto stocks led gains. Market behemoth Samsung Electronics Co. rose 1.1 percent, No. 2 chipmaker SK hynix Inc. climbed 0.8 percent, top carmaker Hyundai Motor Co. gained 1.6 percent, and leading auto parts maker Hyundai Mobis Co. was up 1.3 percent. Among decliners, leading cosmetics firm Amorepacific Corp. fell 0.9 percent, LG Chem Ltd. declined 1.1 percent, and dominant tobacco company KT and G Corp. was down 0.1 percent. The local currency was trading at 1,384.85 won against the U.S. dollar, up 0.95 won from the previou s session's close. Source: Yonhap News Agency