Stocks open higher despite interest rate, China woes

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Stocks open higher despite interest rate, China woes

Published: 21 Aug. 2023, 10:06

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

Stocks opened higher Monday amid woes over further U.S. rate hikes and China's economic turmoil.

The benchmark Kospi added 9.6 points, or 0.38 percent, to 2,514.1 in the first 15 minutes of trading.

Investor sentiment has been weighed down after China's heavily indebted property developer Evergrande Group filed for bankruptcy protection in the United States last week.

Concerns are also lingering over a possible rate hike push by the U.S. Federal Reserve, which is set to hold its annual Jackson Hole symposium later this week to discuss the likely direction of global interest rates.

In Seoul, most top-cap companies opened higher Monday.

Samsung Electronics added 0.3 percent, while SK hynix was flat.

LG Energy Solution gained 0.19 percent, Samsung SDI increased 0.34 percent, and LG Chem rose 1.05 percent.

Samsung Biologics climbed 0.91 percent.

Carmakers opened mixed, with Hyundai Motor climbing 0.11 percent and Kia going down 0.13 percent.

The local currency was trading at 1,341.5 won against the dollar at 9:15 a.m., up 3.2 won from the previous session's close.

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