Shares in Korea open higher on eased woes over sharp rate hikes

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Shares in Korea open higher on eased woes over sharp rate hikes

Published: 14 Dec. 2022, 09:54 Updated: 14 Dec. 2022, 10:12

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Wednesday morning. [YONHAP]

Stocks opened higher Wednesday on cooler-than-expected inflation data in the United States.

The Kospi added 20.06 points, or 0.85 percent, to 2,392.46 in the first 15 minutes of trading.

Overnight, U.S. shares finished higher after the consumer price index for November rose 0.1 percent from the previous month and 7.1 percent on year, while economists forecast a 0.3 percent on-month increase and a 7.3 percent on-year rise. The cooler-than-expected data raised hope that inflation is peaking.

The Dow Jones Industrial Average rose 0.3 percent, and the tech-heavy Nasdaq Composite advanced 1.01 percent.

Eyes are now on the result of the Federal Reserve's interest rate-setting meeting set to be available on Wednesday local time. Fed Chair Jerome Powell plans to hold a press conference.

In Seoul, most blue chips traded higher.

Samsung Electronics rose 0.84 percent, and LG Energy Solution grew 0.40 percent. Samsung SDI surged 2.95 percent while LG Chem advanced 1.77 percent.

Bio shares also gathered ground, with Samsung Biologics increasing 2.44 percent and Celltrion jumping 2.51 percent.

Hyundai Motor grew 0.94 percent and its affiliate Kia rose 0.32 percent.

SK hynix shed 0.24 percent.

The local currency was trading at 1,293.60 won against the dollar as of 9:15 a.m., down 12.4 won from the previous session's close.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]