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Seoul stocks open higher ahead of US inflation data

Jan. 11, 2023 - 09:37 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, as investors expect the upcoming US consumer price index may provide signs of a slowdown in inflation.

The benchmark Korea Composite Stock Price Index rose 15.24 points, or 0.65 percent, to 2,366.55 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average moved up 0.6 percent to 33,704.1 points and the tech-heavy Nasdaq Composite climbed 1 percent to 10,742.63.

If Thursday's US inflation data show any signs of cooling, the Federal Reserve will slow the pace of its interest rate hikes, analysts said.

In Seoul, large-cap stocks advanced across the board.

Market bellwether Samsung Electronics rose 0.8 percent, No. 2 chipmaker SK hynix climbed 1.5 percent, top carmaker Hyundai Motor gained 0.6 percent, and the state-run Korea Electric Power Corp. was up 1.5 percent.

Among decliners, leading car battery maker LG Energy Solution fell 0.2 percent, its affiliate LG Chem dropped 0.5 percent, and No. 2 carmaker Kia declined 0.5 percent.

The local currency was trading at 1,239.70 won against the US dollar, up 5 won from the previous session's close. (Yonhap)