Stocks open higher on signs of easing inflation

Home > Business > Finance

Stocks open higher on signs of easing inflation

Published: 03 Jul. 2023, 09:50

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

Stocks opened higher Monday following Wall Street gains Friday and signs of slowing inflation in the United States.

The benchmark Kospi advanced 22.61 points, or 0.88 percent, to 2,586.89 in the first 15 minutes of trading.

The U.S. personal consumption expenditures (PCE) index, a reading on inflation, rose 3.8 percent in May, a marked drop from a 4.3 percent rise in April, the U.S. Commerce Department data showed, signaling that inflation is cooling.

The core PCE, which excludes volatile food and energy, inched down to 0.3 percent from 0.4 percent in the same period.

Wall Street rallied Friday, with all three indexes closing higher. Apple reached its $3 trillion market valuation for the first time.

In Seoul, tech large-caps got a boost from the U.S. rally.

Samsung Electronics gained nearly 1 percent, and SK hynix jumped 2 percent.

LG Energy Solution rose 1.7 percent.

Posco Holdings climbed more than 2 percent, while HD Hyundai Heavy Industries slid 1.2 percent.

The local currency was trading at 1,312.40 won against the dollar at around 9:15 a.m., down 5.3 won from Friday's close.

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