Stocks open higher following Wall Street rallies

Finance

Stocks open higher following Wall Street rallies

Published: 15 Sep. 2023, 10:13 Updated: 15 Sep. 2023, 10:14

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

Stocks opened higher Friday as strong U.S. economic data raised hopes on the U.S. Federal Reserve to maintain its rates steady next week.

The benchmark Kospi rose 6.78 points, or 0.26 percent, to 2,579.67 in the first 15 minutes of trading.

All three U.S. stock indexes rallied Thursday as strong economic data, including retail sales and producer prices, fueled expectations over a pause in the Fed's rate hike march.

Kospi closes at highest in seven sessions on boosted investor sentiment

The U.S. Consumer Price Index rose 3.7 percent in August from a year earlier due to high-flying oil prices, but core inflation, which strips out volatile food and energy prices, slowed to an annual 4.3 percent.

In Seoul, large-cap stocks traded mixed.

Samsung Electronics lost 0.14 percent, and SK hynix stayed unchanged.

Hyundai Motor dropped 0.63 percent, while Kia gained 0.25 percent.

LG Energy Solution added 0.2 percent, and Samsung SDI rose 0.34 percent.

Posco Holdings jumped 2.71 percent, and Posco Future M grew 1 percent.

SK Innovation lost 1.2 percent.

The local currency was trading at 1,328.7 won against the dollar at 9:15 a.m., up 3.0 won from Thursday's close.

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