Shares open flat on cool U.S. inflation data

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Shares open flat on cool U.S. inflation data

Published: 16 Nov. 2023, 10:51 Updated: 30 Nov. 2023, 13:32

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 Wednesday. [NEWS1]

Shares opened flat Thursday following overnight gains on Wall Street buoyed by cooler-than-expected inflation data.

The Kospi gained 0.8 points, or 0.01 percent, to 2,487.47 in the first 15 minutes of trading.

The market opened an hour later, along with the government and all major institutions, including private businesses, to make room for Korea's once-a-year national college entrance exam.

U.S. stocks closed higher overnight following reports that the producer price index rose at a lower-than-expected rate in October, providing an additional sign of slowing inflation one day after the country reported a slower-than-expected increase in the consumer price index.

The Dow Jones Industrial Average added 0.47 percent, with the Nasdaq Composite gaining 0.07 percent.

In Seoul, large caps traded mixed.

Samsung Electronics gained 0.83 percent, with SK hynix losing 0.45 percent.

LG Energy Solution fell 1.44 percent, while SK Telecom added 0.97 percent.

Hyundai Motor rose 1.21 percent, with Kia soaring 2.09 percent.

The local currency was trading at 1,307.75 won against the U.S. dollar, up 6.95 won from the previous session's close.

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