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Seoul shares open higher on hope for Fed rate cut

All News 09:26 June 05, 2019

SEOUL, June 5 (Yonhap) -- South Korean stocks opened higher Wednesday, tracking overnight Wall Street gains as investors bet on hope that the Federal Reserve will enact a rate cut to ease repercussions from global trade tensions.

The benchmark Korea Composite Stock Price Index (KOSPI) picked up 13.97 points, or 0.67 percent, to reach 2,080.88 in the first 15 minutes of trading.

The U.S. shares rallied Tuesday after the Federal Reserve chief left the door open for rate cuts later this year to boost the world's largest economy.

Tech heavyweights traded bullish. Market kingpin Samsung Electronics gained 1.38 percent, and SK hynix, the world's No. 2 memory chip maker, jumped 3.23 percent.

Bio and financials were also up.

Pharmaceutical giant Celltrion edged up 0.51 percent, and Mirae Asset Daewoo, the nation's largest brokerage by market value, rose 1.36 percent.

The local currency was changing hands at 1,180.2 won against the U.S. dollar, up 2.6 won from the previous session's close.


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