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Seoul shares open higher ahead of U.S. inflation data release

Published: 10 Apr. 2023, 09:41 Updated: 10 Apr. 2023, 10:06

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

Stocks opened higher Monday, as investors await the U.S. consumer prices data due later this week that will give them a clue on the Federal Reserve's next monetary policy move.

The Kospi rose 13.08 points, or 0.53 percent, to 2,503.49 in the first 15 minutes of trading.

The March consumer price index is set be released Wednesday. Investors expect the data will offer them an idea as to whether the Fed will maintain its tough interest rate hikes or signal an end to the tight monetary policy.

The U.S. jobs report, released Friday, showed that nonfarm payrolls slowed last month from a month earlier and came below the market expectations, indicating the economy is cooling.

The U.S. stock markets were closed Friday for the Good Friday holiday.

In Seoul, major tech and auto large-caps drove up the Kospi.

Samsung Electronics climbed 0.8 percent, and battery maker LG Energy Solution rose more than 2 percent.

Hyundai Motor added 0.4 percent, and steel giant Posco Holdings soared around 5 percent.

IT stocks traded lower, with internet portal provider Naver slipping nearly 1 percent and platform giant Kakao falling 1.4 percent.

The local currency was trading at 1,317.40 won against the dollar as of 9:15 a.m., up 0.7 won from Friday's close.

Yonhap