SEOUL: Seoul shares opened higher on Wednesday, buoyed by retail buying, even as investors exercised caution over the anticipated slower pace of interest rate cuts by the Federal Reserve. The Korea Composite Stock Price Index (KOSPI) experienced a modest increase, reflecting a mixed market sentiment.
According to Yonhap News Agency, the benchmark KOSPI rose by 3.53 points, or 0.14 percent, reaching 2,574.23 in the early trading session. This rise comes against a backdrop of mixed performances in the U.S. stock market, where the Dow Jones Industrial Average saw a slight decline of 0.02 percent to close at 42,924.89, while the Nasdaq Composite Index inched up by 0.18 percent to end at 18,573.13.
In the Seoul market, large-cap stocks exhibited mixed movements. Samsung Electronics Co., a key player in the market, saw a decline of 0.9 percent. Similarly, Korean Air Co., the country’s national carrier, fell by 1.7 percent, and Korea Electric Power Corp., the state utility, experienced a drop of 0.5 percent. In co
ntrast, Hyundai Motor Co., the leading car manufacturer, posted a gain of 1.5 percent. LG Energy Solution Ltd., a prominent battery maker, rose by 1.4 percent, and SK hynix Inc., the second-largest chipmaker, increased by 1.8 percent.
The foreign exchange market also showed slight fluctuations, with the local currency trading at 1,380.50 won against the U.S. dollar, marking a decrease of 0.4 won from the previous session.