Seoul shares open higher after eased U.S. inflation data

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Seoul shares open higher after eased U.S. inflation data

Published: 11 May. 2023, 09:40 Updated: 11 May. 2023, 10:29

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

Seoul shares opened higher Thursday as investors expect the Federal Reserve to put its rate hike march on hold following eased U.S. consumer inflation data.

The Kospi rose 10.36 points, or 0.4 percent, to 2,506.87 in the first 15 minutes of trading.

Individuals bought a net 22.2 billion won ($17 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 22 billion won.

In Seoul, tech, auto and airline stocks led gains.

Market bellwether Samsung Electronics rose 0.3 percent, and chipmaker SK hynix climbed 0.5 percent.

Hyundai Motor gained 0.5 percent, and national flag carrier Korean Air was up 0.2 percent.

Among decliners, refiner SK Innovation fell 0.3 percent, the state-run Korea Electric Power Corporation declined 0.8 percent and Hankook Tire & Manufacturing shed 0.6 percent.

The local currency was trading at 1,317.1 won against the dollar at 9:15 a.m., down 7.7 won from the previous day's close.

Yonhap