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Korea's stocks open higher ahead of U.S. inflation data

Published: 11 Jan. 2023, 09:28 Updated: 11 Jan. 2023, 10:10

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close on Tuesday. [YONHAP]

Seoul shares opened higher Wednesday, tracking overnight gains on Wall Street, as investors expect the upcoming U.S. consumer price index may provide signs of a slowdown in inflation.

The benchmark Kospi rose 15.24 points, or 0.65 percent, to 2,366.55 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average moved up 0.6 percent to 33,704.1 points and the tech-heavy Nasdaq Composite climbed 1 percent to 10,742.63.

If Thursday's U.S. inflation data show any signs of cooling, the Federal Reserve will slow the pace of its interest rate hikes, analysts said.

In Seoul, large-cap stocks advanced across the board.

Samsung Electronics rose 0.8 percent, SK hynix climbed 1.5 percent, Hyundai Motor gained 0.6 percent, and the state-run Korea Electric Power Corporation was up 1.5 percent.

Among decliners, leading car battery maker LG Energy Solution fell 0.2 percent, its affiliate LG Chem dropped 0.5 percent, and Kia declined 0.5 percent.

The local currency was trading at 1,239.70 won against the dollar, down 5 won from the previous session's close.

Yonhap