Korean shares open higher amid renewed woes over rate hikes
![A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close higher on Monday. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2023/01/10/0a1a2613-9e97-4403-ba4b-622b1572153f.jpg)
A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close higher on Monday. [YONHAP]
Seoul shares opened higher Tuesday as investors remain concerned about the Federal Reserve's aggressive rate hike plans following its officials' recent comments.
The benchmark Kospi rose 3.18 points, or 0.14 percent, to 2,353.37 in the first 15 minutes of trading.
Fed officials signaled the U.S. central bank could raise rates to somewhere over 5 percent to tame inflation.
Foreigners and institutions bought a combined 28 billion won ($22.5 million) worth of stocks, offsetting individuals' stock selling valued at 26 billion won.
In Seoul, large-cap stocks were mixed across the board.
Samsung Electronics fell 1 percent, SK hynix declined 0.4 percent, Hyundai Motor dropped 0.9 percent, and the state-run Korea Electric Power Corporation shed 0.3 percent.
Among gainers, LG Energy Solution jumped 4 percent, and LG Chem climbed 3.7 percent on news that LG Energy Solution is in talks with Ford Motor to build a battery cell plant in Turkey.
The local currency was trading at 1,242.60 won against the dollar, down 0.9 won from the previous session's close.
Yonhap
with the Korea JoongAng Daily
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