Stocks open lower as investors weigh eased inflation woes

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Stocks open lower as investors weigh eased inflation woes

Published: 04 Jul. 2023, 10:54

Screens in Hana Bank's trading room in central Seoul show foreign and stock markets open on Tuesay. [NEWS1]

Stocks opened slightly lower Tuesday as investors take a wait-and-see strategy while digesting tech-led Wall Street gains overnight and cooling inflation.

The benchmark Kospi opened slightly lower but advanced 4.13 points, or 0.16 percent, to 2,606.6 in the first 15 minutes of trading. It turned in earlier gains to enter negative territory before the first hour of trading passed.

All U.S. stock indexes finished higher Monday ahead of a one-day close for the Independence Day holiday following signs of moderating inflation. Tesla advanced 6.9 percent on record quarterly sales.

Korea also saw its consumer price growth slow for the fifth straight month in June, falling below 3 percent for the first time in 21 months.

In Seoul, most large-cap shares gained ground.

Samsung Electronics rose 0.41 percent, and chipmaker SK hynix edged up 0.17 percent.

Kia advanced 1.47 percent, and Posco Future M went up 0.68 percent.

LG Electronics jumped 4.09 percent, and SK Innovation climbed 3.12 percent.

The local currency was trading at 1,304.3 won against the dollar at 9:15 a.m., down 3.7 won from Monday's close.

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