Stocks open lower following U.S. CPI data showing faster-than-expected inflation

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Stocks open lower following U.S. CPI data showing faster-than-expected inflation

Published: 13 Oct. 2023, 10:15

KIM JU-YEON
kim.juyeon2@joongang.co.kr

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

Shares opened lower Friday, tracking overnight losses on Wall Street, as investors moved to lock in profits from recent sharp gains on quicker-than-expected U.S. inflation and high bond yields.

The Kospi shed 14.41 points, or 0.58 percent, to 2,465.41 in the first 15 minutes of trading.

Overnight, U.S. shares finished lower after the Consumer Price Index rose at a faster-than-forecast rate of 3.7 percent on-year in September, which raised speculation that the U.S. Federal Reserve will deliver another rate increase this year.

Bond yields also jumped.

The Dow Jones Industrial Average fell 0.51 percent, and the Nasdaq Composite lost 0.63 percent.

On the Seoul bourse, most top-caps opened lower.

Samsung Electronics fell 0.73 percent, and SK hynix retreated 0.89 percent.

LG Energy Solution tumbled 1.42 percent, and Samsung SDI inched down 0.19 percent.

But LG Chem grew 0.19 percent, and Posco Holdings rose 0.19 percent.

Carmakers opened mixed, with Hyundai Motor skidding 0.11 percent while Kia went up 0.12 percent.

Samsung Biologics shed 0.82 percent, and Naver lost 0.26 percent.

The local currency was trading at 1,349.10 won against the dollar at 9:15 a.m., up 10.6 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]