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Seoul shares open lower amid waning hopes for Fed rate cut

By Yonhap

Published : May 30, 2024 - 09:39

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares opened lower Thursday, tracking overnight losses on Wall Street, as the Federal Reserve appears to be in no rush to cut interest rates in the face of the strong economy and high inflation.

The benchmark Korea Composite Stock Price Index fell 15.47 points, or 0.58 percent, to 2,661.83 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average dropped 1.06 percent to 38,441.54 points, and the tech-heavy Nasdaq composite retreated 0.58 percent to 16,920.58.

The Fed's Beige Book survey showed the US economy has expanded at a modest pace since April, lowering the chances for an early rate cut.

In Seoul, most large-cap stocks declined.

Market bellwether Samsung Electronics Co. fell 0.4 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped 0.6 percent, leading car battery maker LG Energy Solution Ltd. shed 0.9 percent, and national flag carrier Korean Air Co. was down 0.7 percent.

Among gainers, HD Hyundai, the world's leading shipbuilder, rose 0.7 percent, leading shipping firm HMM climbed 0.3 percent, and leading cosmetics firm AmorePacific Corp. was up 3.4 percent.

The local currency was trading at 1,374 won against the US dollar, down 9 won from the previous session's close. (Yonhap)