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Seoul stocks open higher on eased US banking, inflation jitters

March 15, 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)

South Korean stocks opened higher Wednesday as concerns eased over the collapse of US banks, which jolted the global financial market this week.

The benchmark Korea Composite Stock Price Index rose 29.14 points, or 1.24 percent, to 2,378.11 points in the first 15 minutes of trading.

On Tuesday, the key stock index closed down nearly 3 percent, the biggest daily loss this year, amid lingering uncertainties about the fallout from the collapse of two US banks.

US stocks also rebounded from their trough Tuesday as banking shares rallied.

Also, US consumer prices rose 0.4 percent in February in line with market forecasts, which provided support to the view that the US Federal Reserve may raise its key rate by a quarter percentage point.

In Seoul, top cap Samsung Electronics added 1.36 percent, while No. 2 chipmaker SK hynix retreated 0.37 percent.

Leading automaker Hyundai Motor grew 1.35 percent, with its smaller affiliate Kia jumping 3.15 percent. Chemical giant LG Chem gained 1.7 percent.

The local currency was trading at 1,305.7 won against the US dollar, up 5.4 won from the previous session's close. (Yonhap)