Stocks open higher as Wall Street loses ground before U.S. inflation data

Finance

Stocks open higher as Wall Street loses ground before U.S. inflation data

Published: 13 Sep. 2023, 10:00 Updated: 13 Sep. 2023, 10:01

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

Stocks opened higher Wednesday, bucking Wall Street losses overnight as investors await U.S. inflation data for hints on the market's direction.

The benchmark Kospi rose 4.94 points, or 0.19 percent, to 2,541.52 in the first 15 minutes of trading.

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

Kospi closes lower Tuesday ahead of U.S. inflation data announcement

The upcoming data is expected to provide clues about the U.S. Federal Reserve's tightening policy before the monetary policy meeting slated for Tuesday and Wednesday.

All three U.S. stock indexes closed lower Tuesday, with the Nasdaq tumbling more than 1 percent amid a slide for technology stocks, including Apple and Oracle.

In Seoul, Samsung Electronics jumped 1.1 percent, and SK hynix hiked 3.1 percent.

Hyundai Motor grew 1.6 percent, and Kia advanced 1.8 percent. LG Electronics went up 3.13 percent.

Among decliners, LG Energy Solution went down 1.4 percent, and Posco Future M dropped more than 2.5 percent.

The local currency was trading at 1,325.9 won against the dollar at 9:15 a.m., down 1.9 won from Tuesday's close.

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