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Seoul shares open higher after US inflation data

April 1, 2024 - 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 Monday. (Yonhap)

Seoul shares opened higher Monday as the US Federal Reserve is expected to await more evidence that inflation is under control before cutting rates this year.

The benchmark Korea Composite Stock Price Index rose 8.11 points, or 0.3 percent, to 2,754.74 in the first 15 minutes of trading.

Fresh inflation data released Friday was in line with the US central bank's expectations.

Fed Chair Jerome Powell said it would not be appropriate to cut rates until officials are sure inflation is on track toward the 2 percent goal.

The US central bank is widely expected to make this year's first rate cut in June.

In Seoul, tech and airlines led gains.

Market bellwether Samsung Electronics Co. rose 0.4 percent, No. 2 chipmaker SK hynix Inc. climbed 2 percent, Hanjin KAL Corp., the parent firm of Korean Air Co., gained 1.2 percent and leading refiner SK Innovation Co. was up 0.3 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 0.4 percent, its smaller affiliate Kia Corp. declined 0.3 percent and leading steelmaker Posco Holdings shed 0.8 percent.

The local currency was trading at 1,343.85 won against the dollar, up 3.35 won from the previous session's close. (Yonhap)