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Seoul stocks open higher on hopes for slowdown in US inflation

Jan. 12, 2023 - 09:33 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States.

The benchmark Korea Composite Stock Price Index had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m.

Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index, a key gauge for inflation, could prod the US central bank to go easy on its aggressive policy tightening.

In Seoul, top cap Samsung Electronics lost 0.33 percent, and No. 2 chipmaker SK hynix shed 0.92 percent.

Leading car battery maker LG Energy Solution grew 0.74 percent, internet portal operator Naver gained 0.77 percent, and the country's largest carmaker, Hyundai Motor, increased 0.61 percent.

The local currency was trading at 1,241.1 won against the US dollar as of 9:15 a.m., up 5.1 won from the previous session's close. (Yonhap)