Stocks open higher as investors hope inflation to slow down

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Stocks open higher as investors hope inflation to slow down

Published: 01 Aug. 2023, 10:02

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

Stocks opened higher Tuesday, led by large-cap tech and bio shares on rising hopes of slowing inflation.

The benchmark Kospi rose 15.09 points, or 0.57 percent, to 2,647.67 in the first 15 minutes of trading.

All three major U.S. stock indexes finished higher Monday on upbeat corporate earnings. The S&P 500 closed at a 16-month high of around 4,590.

In Seoul, IT and bio shares drove up the Kospi, while tech blue chips traded mixed.

Naver soared 4.85 percent, and Kakao jumped 4.48 percent.

Bio shares were strong, with Samsung Biologics advancing 4.18 percent and Celltrion rising 1.5 percent.

Samsung Electronics added 1.15 percent, and SK hynix went up 1.54 percent.

But LG Energy Solution lost 0.36 percent, while Samsung SDI remained flat.

Auto shares also traded mixed, with Hyundai Motor gaining 0.46 percent and Kia retreating 0.48 percent.

Posco Holdings lost 0.47 percent.

The local currency was trading at 1,276.5 won against the dollar at 9:15 a.m., up 1.9 won from Monday's close.

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