Stocks open higher before key U.S., China economic data

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Stocks open higher before key U.S., China economic data

Published: 29 Aug. 2023, 10:29

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

Stocks opened higher Tuesday as investors wait key economic data releases in the United States and China scheduled later in the week.

The benchmark Kospi rose 6.29 points, or 0.25 percent, to 2,549.70 in the first 15 minutes of trading.

Overnight, U.S. stocks ended in positive territory, with the Dow Jones Industrial Average rising 0.62 percent and the tech-heavy Nasdaq Composite climbing 0.84 percent.

Investors are keeping an eye on economic data, including U.S. personal spending and income and the China manufacturing purchasing managers' index, to be released this week, as they will indicate whether economic activity is slowing enough to keep pause rate hikes, analysts said.

In Seoul, most large-cap stocks were mixed.

Samsung Electronics rose 0.3 percent, and SK hynix climbed 2.1 percent.

Hyundai Motor gained 0.2 percent, and Korean Air Lines was up 0.7 percent.

Among decliners, Amore Pacific fell 0.6 percent, and LG Energy Solution declined 0.5 percent.

The local currency was trading at 1,322.70 won against the dollar at 9:15 a.m., down 0.7 won from the previous session's close.

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