Kospi edges up as hopes rise for a U.S. rate cut

Shares opened slightly higher Monday amid growing hopes for a U.S. rate cut.

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

Shares opened slightly higher Monday amid growing hopes for a U.S. rate cut.

The 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.

Samsung Electronics shed 0.39 percent, while SK hynix gained 0.43 percent.

Pharmaceutical firm Celltrion surged 1.61 percent, and battery maker LG Energy Solution spiked 3.06 percent, but automaker Hyundai Motor lost 0.79 percent.

The local currency was trading at 1,326.85 won against the dollar, down 1.15 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]