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Seoul shares open flat ahead of US inflation data

May 9, 2024 - 09:38 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean shares opened nearly flat Thursday as investors sat on the sidelines ahead of the release of the U.S. consumer price index next week.

The benchmark Korea Composite Stock Price Index edged down 1.9 points, or 0.07 percent, to 2,743.15 in the first 15 minutes of trading.

Investors remained cautious ahead of the release of the U.S. inflation data amid a mixed forecast over the future course of the Federal Reserve's key rates.

Federal Reserve Bank of Boston President Susan Collins said during a lecture at the Massachusetts Institute of Technology that reaching the target inflation of 2 percent may take longer than previously thought.

In Seoul, top tech giant Samsung Electronics remained unchanged from the previous session, while No. 2 chipmaker SK hynix gained 0.17 percent.

Financial firms kicked off mostly lower, with KB Financial falling 1.03 percent and Shinhan Financial losing 0.53 percent.

No. 1 carmaker Hyundai Motor shed 0.41 percent, and its sister company Kia lost 0.69 percent. Auto parts maker Hyundai Mobis moved down 1.08 percent.

The local currency was trading at 1,366 won against the U.S. dollar, down 4.5 won from the previous session's close. (Yonhap)