Seoul shares open tad higher on U.S. rate-cut hopes

Seoul shares opened slightly higher Monday as last week's U.S. jobs data buoyed hopes the Federal Reserve will start cutting its rates this year. The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.23 points, or 0.08 percent, to 2,864.46 in the first 15 minutes of trading. On Friday (U.S. time), Wall Street closed higher as data showed U.S. hiring moderated in June, bolstering expectations the Fed's policy pivot would start in September. The eyes of investors are now on Fed Chairman Jerome Powell's congressional testimony and the release of U.S. Consumer Price Index for June due later this week. In Seoul, tech and auto stocks led the market advance. Market bellwether Samsung Electronics rose 1.03 percent, while No. 2 chipmaker SK hynix was flat. Top automaker Hyundai Motor jumped 1.78 percent, and its smaller affiliate Kia added 0.24 percent. Other big-cap shares started in negative territory. Leading battery maker LG Energy Solution dropped 0.56 percent, and its smaller rival Samsung SD I shed 0.52 percent. Internet portal operator Naver sank 1.01 percent, and bio giant Samsung Biologics retreated 0.87 percent. Shinhan Financial Group and Hana Financial Group both plunged more than 1.8 percent. The local currency was trading at 1,377.80 won against the U.S. dollar at 9:15 a.m., up 2.5 won from the previous session's close. Source: Yonhap News Agency