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

SEOUL, South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street, as investors were buoyed by looming hopes that the U.S. Federal Reserve may slash key rates this year. The benchmark Korea Composite Stock Price Index (KOSPI) added 49.32 points, or 1.84 percent, to 2,725.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.46 percent higher, and the tech heavy Nasdaq rose 1.19 percent. The SandP 500 gained 1.03 percent In Seoul, top tech giant Samsung Electronics moved up 3.09 percent, and No. 2 chipmaker SK hynix climbed 4.1 percent. Pharmaceutical firms also kicked off higher, with Samsung Biologics rising 2.2 percent and Celltrion gaining 3.49 percent. The local currency was trading at 1,356.6 won against the U.S. dollar, up 6.2 won from the previous session's close. The South Korean financial market was closed the previous day, the alternative holiday for Children's Day. Source: Yonhap News Agency