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

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

Published: 12 Apr. 2023, 10:07 Updated: 12 Apr. 2023, 10:14

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

Stocks got off to a good start Wednesday as investors wait for the release of U.S. inflation data that will offer them more insights into the Federal Reserve's monetary tightening policy path.

The Kospi rose 9.12 points, or 0.36 percent, to trade at 2,556.98 in the first 15 minutes of trading.

The main index closed 1.42 percent higher on Tuesday, after the Bank of Korea kept its policy rate unchanged at 3.5 percent on concerns over an economic recession.

Wall Street closed little changed overnight, with the S&P 500 ending about flat, the Dow Jones Industrial Average rising 0.29 percent and the Nasdaq Composite declining 0.43 percent.

Investors are awaiting the release of the March readings of the consumer price index, due Wednesday, which is a key gauge for the Fed's monetary policy.

In Seoul, Hyundai Motor rose 2.65 percent, and Kia added 0.94 percent.

Auto parts maker Hyundai Mobis climbed 2.71 percent.

Posco Holdings jumped 6.17 percent.

Among losers, chemicals producer LG Chem declined 0.99 percent, Samsung Electronics lost 0.15 percent, and battery maker LG Energy Solution shed 1.15 percent.

The local currency was trading at 1,322.7 won against the dollar at around 9:15 a.m., up 0.5 won from Monday's close.

Yonhap