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Seoul shares open higher ahead of inflation data, Fed meeting

June 7, 2023 - 09:43 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, with investors awaiting key US inflation data and the Federal Reserve's rate decision next week.

The benchmark Korea Composite Stock Price Index rose 10.05 points, or 0.38 percent, to 2,625.46 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.03 percent to 33,573.28, and the Nasdaq Composite gained 0.36 percent to 13,276.42.

US consumer prices for May, set to be released next week, are expected to cool down compared to a month earlier, and the Fed is expected to hold rates steady at its June 13-14 meeting, given recent economic data and dovish comments from Fed officials, analysts said.

In Seoul, auto, airline and energy stocks led gains.

Top carmaker Hyundai Motor Co. rose 0.3 percent, national flag carrier Korean Air Co. climbed 1.4 percent, leading chemical firm LG Chem Ltd. jumped 3 percent, and leading refiner SK Innovation Co. was up 1.9 percent.

Among decliners, market bellwether Samsung Electronics Co. fell 0.8 percent, KG Mobility, which was formerly known as SsangYong Motor Co., declined 0.6 percent, and Hanwha Ocean Co., formerly known as Daewoo Shipbuilding & Marine Engineering Co., was down 0.2 percent.

The local currency was trading at 1,297.85 won against the US dollar at around 9:15 a.m., up 10.25 won from the previous session's close. (Yonhap)