Korean stocks open higher on hopes for slowdown in U.S. inflation

Home > Business > Finance

Korean stocks open higher on hopes for slowdown in U.S. inflation

Published: 12 Jan. 2023, 09:35 Updated: 12 Jan. 2023, 10:22

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Thursday morning. [NEWS1]

Korean stocks opened higher Thursday, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States.

The benchmark Kospi had increased 6.24 points, or 0.26 percent, to 2,365.77 as of 9:15 a.m.

Overnight, the tech-heavy Nasdaq composite added 1.76 percent, and the Dow Jones Industrial Average advanced 0.8 percent, amid expectations that slower growth in the December consumer price index (CPI), a key gauge for inflation, could prod the U.S. central bank to go easy on its aggressive policy tightening.

In Seoul, Samsung Electronics lost 0.33 percent, and SK hynix shed 0.92 percent.

LG Energy Solution grew 0.74 percent, Naver gained 0.77 percent, and Hyundai Motor increased 0.61 percent.

The local currency was trading at 1,241.1 won against the dollar as of 9:15 a.m., down 5.1 won from the previous session's close.

Yonhap