Seoul shares sharply up late Mon. morning on hopes for rate cut

South Korean stocks traded sharply higher late Monday morning as key economic data revived optimism for a possible rate cut by the Federal Reserve. The benchmark Korea Composite Stock Price Index had risen 52.28 points, or 1.98 percent, to 2,688.8 as of 11:20 a.m. The U.S. personal consumption expenditures (PCE) price index, a key indicator for inflation, met market expectations in April, pushing up the stocks on Wall Street last Friday. Over the weekend, South Korea's May exports extended their winning streak to eight straight months, led by strong overseas sales of semiconductors. In Seoul, most market heavyweights gained ground across the board. Top-cap Samsung Electronics gained 3.4 percent, and LG Display jumped 4.83 percent. Leading oil refinery SK Innovation soared 10.6 percent, and SK, the holding company of SK Group, vaulted 5.22 percent. The local currency was trading at 1,375.9 won against the U.S. dollar, up 8.6 won from the previous session's close. Source: Yonhap News Agency