Kospi rises 1% ahead of major tech stock earnings results

Shares opened higher Monday in hopes of the U.S. Federal Reserve's rate cut and earnings releases of major tech firms this week.

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Monday. [YONHAP]

Shares opened higher Monday in hopes of the U.S. Federal Reserve's rate cut and earnings releases of major tech firms this week.

The benchmark 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, Amazon and Samsung Electronics. The Fed is expected to cut rates as early as September.

In Seoul, tech and auto stocks led gains.

Samsung Electronics rose 1.1 percent, chipmaker SK hynix climbed 0.8 percent, Hyundai Motor gained 1.6 percent and Hyundai Mobis was up 1.3 percent.

Among decliners, Amorepacific fell 0.9 percent, LG Chem declined 1.1 percent and KT&G was down 0.1 percent.

The local currency was trading at 1,384.85 won against the dollar, down 0.95 won from the previous session's close.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]