SEOUL, SOUTH KOREA - South Korean shares opened with gains on Tuesday, influenced by positive movements on Wall Street and expectations of a potential U.S. Federal Reserve rate cut this year. The Korea Composite Stock Price Index (KOSPI) increased by 49.32 points, reaching 2,725.95 in the early minutes of trading.
According to Yonhap News Agency, the overnight performance of U.S. markets, where the Dow Jones Industrial Average rose by 0.46 percent and the Nasdaq by 1.19 percent, contributed to investor optimism in Seoul. Major companies such as Samsung Electronics and SK hynix saw significant increases, with shares rising 3.09 percent and 4.1 percent, respectively. The pharmaceutical sector also showed strong performance, with Samsung Biologics and Celltrion posting gains of 2.2 percent and 3.49 percent. The South Korean won strengthened against the U.S. dollar, trading at 1,356.6, up 6.2 won from the previous session’s close, highlighting a positive mood in the financial markets following a holiday closure for Children’s Day.