Korean stocks open flat Wednesday amid expectations of eased Fed rate hikes

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Korean stocks open flat Wednesday amid expectations of eased Fed rate hikes

Published: 26 Oct. 2022, 10:28

A digital screen in KB Kookmin Bank’s dealing room in Yeouido, western Seoul, shows stock and foreign exchange markets Wednesday morning. [YONHAP]

Stocks opened nearly unchanged on Wednesday amid expectations that the U.S. Federal Reserve may ease up on its hawkish interest rate hikes.

The benchmark Kospi rose 1.14 points, or 0.05 percent, to 2,236.21 in the first 15 minutes of trading.

Softer data on home price growth and consumer confidence, released Tuesday, renewed speculation that the Fed could start scaling down the rate hikes after its November monetary policy meeting set for next week.

In Seoul, Samsung Electronics rose about 0.5 percent, with LG Energy Solution gaining 1.5 percent.

Automakers, however, lost ground. Hyundai Motor was down 0.6 percent, and its affiliate Kia fell 1.5 percent.

The local currency was trading at 1,428.80 won against the dollar as of 9:15 a.m., up 4.3 won from Tuesday's close.

BY CHO JUNG-WOO, YONHAP [[email protected]]