Korean stocks opens higher amid lingering rate hike woes

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Korean stocks opens higher amid lingering rate hike woes

Published: 06 Mar. 2023, 09:54 Updated: 06 Mar. 2023, 10:18

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Monday. [NEWS1]

Korean stocks opened a tad higher Monday as investors wait for the Federal Reserve chief's remarks on the U.S. economy and clues on future monetary policy.

The benchmark Kospi rose 9.63 points, or 0.4 percent, to 2,441.7 in the first 15 minutes of trading.

U.S. stocks had ended the week on a higher note on speculations the Fed could slow down the pace of rate hikes. All three major indexes on Wall Street closed over 1 percent higher last week.

Investors are keen on how Fed Chair Jerome Powell will assess the U.S. economy before the Senate and the House Committees this week.

In Seoul, most shares were off to a strong start.

Samsung Electronics added 0.5 percent, while chip maker SK hynix inched up 0.57 percent.

Portal operator Naver advanced 2.43 percent, and messenger app operator Kakao was up 3.11 percent.

The local currency was trading at 1,296 won against the dollar, down 5.6 won from the previous day's close, as of 9:15 a.m.

Yonhap