Stocks open higher as investors digest U.S. inflation data

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Stocks open higher as investors digest U.S. inflation data

Published: 11 Aug. 2023, 09:54

A screen in Hana Bank's trading room in central Seoul shows the stock market close on Thursday. [YONHAP]

Stocks opened higher Friday as investors digested moderate U.S. inflation data released overnight.

The benchmark Kospi rose 12.23 points, or 0.47 percent, to 2,613.79 in the first 15 minutes of trading.

The U.S. July consumer price index rose 3.2 percent, slower than the market expectation of a 3.3 percent rise.

On Wall Street, stocks finished slightly higher, with the Dow Jones Industrial Average increasing 0.15 percent and the Nasdaq Composite adding 0.12 percent.

In Seoul, large-caps fueled the upbeat start.

Samsung Electronics advanced 0.88 percent, and SK hynix gained 0.51 percent.

Hyundai Motor rose 1.86 percent, and Kia climbed 2.28 percent.

The tourism sector continued its bullish run as China allowed group tours to Korea, with Hanatour Service jumping 1.89 percent and Hotel Shilla soaring 3 percent.

The local currency was trading at 1,319.65 won against the dollar at 9:15 a.m., up 4.25 won from Thursday's close.

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