Stocks open lower ahead of June U.S. CPI

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Stocks open lower ahead of June U.S. CPI

Published: 12 Jul. 2023, 10:03

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

Stocks opened lower as investors eye key U.S. inflation data and second-quarter earnings results.

The benchmark Kospi fell 3.32 points, or 0.13 percent, to 2,559.17 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.9 percent, and the tech-heavy Nasdaq Composite climbed 0.6 percent.

U.S. Federal Reserve officials have said it likely needs to raise rates further this year to tame inflation. Investors await Wednesday's U.S. consumer price index data to take a cue for future rate moves.

In Seoul, auto and energy stocks led declines.

Hyundai Motor fell 1.5 percent, and Hyundai Mobis declined 1.7 percent.

Hanjin KAL shed 0.6 percent, and LG Energy Solution was down 2.9 percent.

Among gainers, Samsung Electronics rose 0.1 percent, and SK hynix climbed 0.5 percent.

Hanwha Ocean, formerly Daewoo Shipbuilding Marine & Engineering, jumped 8.7 percent.

The local currency was trading at 1,293.55 won against the dollar at 9:15 a.m., down 0.15 won from the previous session's close.

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