Stocks open higher as U.S. inflation, jobs data point to cooler inflation

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Stocks open higher as U.S. inflation, jobs data point to cooler inflation

Published: 31 Aug. 2023, 09:55 Updated: 01 Sep. 2023, 09:37

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

Stocks opened higher Thursday after the latest U.S. economic data increased hopes that the U.S. Federal Reserve will hold rates steady in September.

The benchmark Kospi rose 4.57 points, or 0.18 percent, to 2,565.79 in the first 15 minutes of trading.

The U.S. economy grew at a 2.1 percent annual pace in the second quarter, falling short of a 2.4 percent expansion estimate.

Payrolls in the private sector slowed more than expected to 177,000 in August, indicating a moderate labor market.

The latest economic data reinforced the expectation that the Fed will not raise the interest rate at its upcoming policy meeting in September.

In Seoul, tech blue chips advanced.

Samsung Electronics rose 0.15 percent, and SK hynix went up 1.93 percent.

Battery makers were mixed, with LG Energy Solution losing 0.54 percent and Samsung SDI adding 0.17 percent.

Hyundai Motor slid 0.6 percent, and Kia shed 0.12 percent.

The local currency was trading at 1,321.80 won against the dollar at 9:15 a.m., down 1.6 won from Wednesday's close.

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