The South Korean stock market follows Wall Street higher, boosted by hopes of the US interest rate cut.

The South Korean stock market rose on Monday, following the upward trend of the US stock market, as the market optimistically believed the Fed would cut interest rates after Fed Chairman Powell's speech. The South Korean won weakened and the yield on South Korean benchmark bonds fell. The Korea Composite Stock Price Index rose by 0.99% to 3200.05 points. In the heavyweight stocks, Samsung Electronics remained flat while SK Hynix rose by 3.39%. Battery manufacturer LG Energy Solution rose by 2.59%. Fed Chairman Powell hinted on Friday that a rate cut may occur at the September meeting, but did not make a firm commitment. He was cautious in his speech, acknowledging the increased risks in the job market while also noting the continuing risk of rising inflation. The S&P 500 and Nasdaq Composite indexes rose by 1.5% and 1.7% respectively on Friday, while the Dow Jones Industrial Average rose by 2.2%, reaching a new intraday high. Hyundai Motor rose by 0.11% and Kia Motors fell by 0.57%; steel manufacturer POSCO rose by 1.83%, while pharmaceutical company Samsung Biologics rose by 0.10%. Out of a total of 934 traded stocks, 586 rose. Foreign investors sold a net 31.868 billion Korean won on the KOSPI.