Stocks open higher Tuesday on hopes for Fed's rate hike pause

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Stocks open higher Tuesday on hopes for Fed's rate hike pause

Published: 13 Jun. 2023, 10:22

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Tuesday. [YONHAP]

Seoul shares opened higher Tuesday as investors eye the U.S. Federal Reserve to cease hiking interest rates at this week's rate-setting meeting.

The benchmark Kospi rose 11.4 points, or 0.43 percent, to 2,640.75 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.56 percent, and the Nasdaq Composite jumped 1.53 percent. The U.S. central bank is set to have its two-day meeting starting Tuesday.

In Seoul, large-cap shares led the bullish start, with Samsung Electronics advancing 1.13 percent and SK hynix jumping 3.14 percent.

Hyundai Motor added 0.2 percent, and Kia climbed 0.37 percent.

Korean Air Lines increased by 1.55 percent, and Asiana Airlines by 1.84 percent.

The local currency was trading at 1,282.65 won against the dollar at 9:15 a.m., down 5.65 won from the previous session's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]