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Seoul shares open nearly flat amid rate hike woes

Nov. 20, 2023 - 09:46 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)

Seoul shares opened almost flat Monday amid investor concerns over a continued US rate hike due to high inflation.

The benchmark Korea Composite Stock Price Index rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading.

On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy NASDAQ gained 0.08 percent to 14,125.48.

The US Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary Daly recently warned it's too early to end the tightening campaign.

Tech and energy stocks were the lead gainers.

No. 2 chipmaker SK hynix Inc. rose 1.2 percent, leading wireless services provider SK Telecom Co. climbed 0.2 percent, leading car battery maker LG Energy Solution gained 1.7 percent, and No. 1 refiner SK Innovation Co. was up 1.7 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 0.7 percent, national flag carrier Korean Air Co. declined 1.8 percent, and leading cosmetic firm Amorepacific Corp. shed 0.7 percent.

The local currency was trading at 1,298.20 won against the US dollar, down 1.3 won from the previous session's close. (Yonhap)