Seoul shares open almost flat

Seoul shares opened almost flat Monday as investors were paying attention to remarks by the U.S. Federal Reserve officials following a big cut last week. The benchmark Korea Composite Stock Price Index rose 0.03 percent, or 0.9 points, to 2,594.27 in the first 15 minutes of trading. Investors' eyes are now on Fed officials' comments to be made throughout this week to assess the aftermath of the Fed's rate cut Wednesday (U.S. time). The Fed kicked off its monetary-easing cycle by cutting its overnight lending rate by half a percentage point to a range of 4.75 percent to 5 percent and also pledged further rate cuts. In Seoul, big-cap stocks were mixed. Market bellwether Samsung Electronics lost 0.79 percent, while its chipmaking rival SK hynix edged up 0.13 percent. Top carmaker Hyundai Motor decreased 0.6 percent, while its smaller affiliate Kia gained 0.19 percent. Battery and bio shares were strong. Leading battery maker LG Energy Solution rose 1.14 percent, and its smaller rival Samsung SDI climbed 0.53 percent. Bio giant Samsung Biologics jumped 1.79 percent, and Celltrion soared 2.23 percent. The local currency was trading at 1,333.60 won against the U.S. dollar, down 4.5 won from the previous session. Source: Yonhap News Agency