Stocks open higher as U.S. inflation data beats expectations

Finance

Stocks open higher as U.S. inflation data beats expectations

Published: 14 Sep. 2023, 09:46 Updated: 14 Sep. 2023, 09:47

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

Stocks opened higher Thursday as investors digested the higher-than-expected U.S. inflation data.

The benchmark Kospi rose 12.99 points, or 0.51 percent, to 2,549.69 in the first 15 minutes of trading.

The U.S. consumer price index rose 3.7 percent in August from a year earlier due to high-flying oil prices.

Kospi closes nearly flat ahead of U.S. inflation numbers

But analysts said the U.S. Federal Reserve is expected to keep its key rate steady at the upcoming rate-setting meeting next week as the inflation data was highly anticipated.

In Seoul, tech and auto shares led the early increase.

Samsung Electronics added 0.14 percent, and SK hynix climbed 0.42 percent.

Hyundai Motor rose 0.32 percent, and Kia gained 0.51 percent.

But refineries fell, with SK Innovation losing 0.5 percent and S-Oil dropping 1.51 percent.

The local currency was trading at 1,327.90 won against the dollar at 9:15 a.m., down 2.1 won from Wednesday's close.

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