Stocks open higher before U.S. CPI data

Finance

Stocks open higher before U.S. CPI data

Published: 12 Sep. 2023, 09:54

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

Stocks opened higher Tuesday ahead of the United States's August consumer price data announcement scheduled for Wednesday.

The benchmark Kospi rose 2.03 points, or 0.08 percent, to 2,558.91 in the first 15 minutes of trading.

The United States is set to release the consumer price index for August on Wednesday, with the reading on producer prices to be released the following day.

The upcoming data is expected to provide clues about the U.S. Federal Reserve's tightening policy before the Fed's monetary policy meeting slated for Sept. 19-20.

All three U.S. stock indexes closed higher on Monday.

The electric car maker rose 10 percent on the tech-rich Nasdaq on Monday after a Morgan Stanley report predicted Tesla's market value could grow by nearly $600 billion with its Dojo supercomputer designed for self-driving.

In Seoul, Hyundai Motor and Kia both jumped more than 1 percent.

In contrast, Samsung Electronics lost 0.4 percent. Big bio shares also fell, with Samsung Biologics sliding 0.4 percent and Celltrion slipping 0.8 percent.

The local currency was trading at 1,326.7 won against the dollar at 9:15 a.m., down 4.4 won from Monday's close.

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