Seoul shares open nearly flat amid U.S. rate cut hopes

Seoul shares opened nearly flat Monday as investors continued to cash in profits amid expectations over a rate cut by the Federal Reserve in September on the back of eased inflation. The benchmark Korea Composite Stock Price Index edged up 0.03 point to stand steady at 2,857.03 in the first 15 minutes of trading. On Friday, all three major U.S. indexes gained ground amid growing hopes for the Fed's rate cut this year. In Seoul, top tech giant Samsung Electronics remained unchanged, while No. 2 chipmaker SK hynix added 0.64 percent. Financial firms opened bearish, with KB Financial losing 1.49 percent and Shinhan Financial falling 0.95 percent. Carmakers started weaker as well, with industry leader Hyundai Motors decreasing 0.37 percent and its sister Kia moving down 1.4 percent. Leading online search engine operator Naver added 1.49 percent, and its rival Kakao gained 0.12 percent. The local currency was trading at 1,379 won against the U.S. dollar at 9:15 a.m., up 6 won from the previous session's cl ose. Source: Yonhap News Agency