Shares open higher on Fed's rate-cut hopes

Shares opened higher Friday, tracking gains on Wall Street, after weekly U.S. jobless claims data offered fresh hope for the Federal Reserve's rate cuts this year.

A screen in Hana Bank's trading room in central Seoul shows closing prices of the Kospi and the local currency against the dollar on Thursday. [YONHAP]

Shares opened higher Friday, tracking gains on Wall Street, after weekly U.S. jobless claims data offered fresh hope for the Federal Reserve's rate cuts this year.

The benchmark Kospi rose 28.15 points, or 1.04 percent, to 2,740.29 in the first 15 minutes of trading.

The number of U.S. jobless claims jumped last week to the highest level in more than eight months, renewing hopes for the Fed's rate cuts.

Overnight, the Dow Jones Industrial Average increased 0.9 percent to 39,387.76 points, and the tech-heavy Nasdaq gained 0.3 percent to 16,346.26.

In Seoul, most large-cap stocks advanced.

Samsung Electronics rose 1.3 percent, chipmaker SK hynix climbed 1.2 percent, carmaker Hyundai Motor added 1.1 percent and battery maker LG Energy Solution was up 0.4 percent.

Among decliners, flat-screen maker LG Display dropped 0.4 percent, K-pop powerhouse Hybe fell 0.6 percent and internet portal operator Naver shed 0.1 percent.

The local currency was trading at 1,367.55 won against the U.S. dollar, up 2.55 won from the previous session's close.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]