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Seoul shares open higher ahead of Fed rate decision

June 9, 2023 - 09:47 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened higher Friday, tracking overnight gains on Wall Street, with investors awaiting the US Federal Reserve's rate decision next week.

The benchmark Korea Composite Stock Price Index rose 10.85 points, or 0.42 percent, to 2,621.70 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.5 percent to 33,833.61 and the Nasdaq Composite climbed 1 percent to 13,238.52.

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

Market bellwether Samsung Electronics Co. rose 0.3 percent, top carmaker Hyundai Motor Co. climbed 0.8 percent, national flag carrier Korean Air Co. gained 0.7 percent, and leading car battery maker LG Energy Solution was up 1.4 percent.

Among decliners, the country's sole aircraft manufacturer Korea Aerospace Industries Co. fell 1.1 percent, Hanwha Ocean Co., formerly known as Daewoo Shipbuilding & Marine Engineering Co., declined 1.9 percent, and leading shipping firm HMM shed 0.1 percent.

The local currency was trading at 1,295.35 won against the US dollar as of 9:15 a.m., up 8.35 won from the previous session's close. (Yonhap)