Stocks open flat as rate hike woes continue
Published: 20 Nov. 2023, 10:29
Updated: 20 Nov. 2023, 10:39
- KIM JU-YEON
- kim.juyeon2@joongang.co.kr
The Kospi rose 6.92 points, or 0.3 percent, to 2,476.77 in the first 15 minutes of trading.
On Friday, the Dow Jones Industrial Average inched up 0.01 percent to 34,947.28, and the tech-heavy Nasdaq gained 0.08 percent to 14,125.48.
The U.S. Federal Reserve has been expected to end its hiking cycle, but San Francisco Federal Reserve President Mary Daly recently warned it is too early to end the tightening campaign.
Tech and energy stocks were the lead gainers.
SK hynix rose 1.2 percent, SK Telecom climbed 0.2 percent, LG Energy Solution gained 1.7 percent, and SK Innovation was up 1.7 percent.
Naver rose 0.25 percent, and Kakao rose 0.53 percent.
Among decliners, Hyundai Motor fell 0.7 percent, Kia dropped 0.94 percent, Korean Air declined 1.8 percent, and Amorepacific shed 0.7 percent.
Shares for Hyundai AutoEver, an automobile sales company under Hyundai Motor, dropped over 2 percent in the first hour of trading as the company's CEO Seo Jeong-sik faces allegations of insider trading.
The local currency was trading at 1,298.20 won against the dollar, up 1.3 won from the previous session's close.
BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]
with the Korea JoongAng Daily
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