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Seoul shares open higher ahead of Fed minutes

Aug. 17, 2022 - 09:33 By Yonhap
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

Seoul shares opened higher Wednesday as investors await the latest Federal Reserve's minutes that will give them an idea of its future rate policy to combat inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.71 points, or 0.26 percent, to trade at 2,540.23 points as of 9:15 a.m.

The main index got a boost amid market speculation that inflation pressure is peaking, making a global recession less likely, analysts said.

The Fed minutes will be available Wednesday (US time).

Institutions and foreigners bought a combined 64 billion won ($49 million) worth of stocks, offsetting individuals stock selling valued at 63 billion won.

Large-cap stocks were mixed.

National flag carrier Korean Air Lines Co. rose 1.5 percent, leading chemical firm LG Chem Ltd. climbed 1 percent, No. 1 refiner SK Innovation Co. jumped 3 percent, and LG Electronics Inc. gained 2 percent.

But market bellwether Samsung Electronics Co. fell 0.2 percent, top carmaker Hyundai Motor Co. declined 1.3 percent, and Korea Aerospace Industries Co., the country's sole aircraft manufacturer, shed 0.4 percent.

The local currency was trading at 1,309.25 won against the US dollar, down 1.15 won from the previous session's close. (Yonhap)