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Shares open higher after gains on Wall Street

Published: 23 Nov. 2023, 09:58

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Thursday. [NEWS1]

Shares opened higher Thursday, following gains on Wall Street, while investors remain concerned about the U.S. Federal Reserve's potential additional rate hikes to tame inflation.

The Kospi rose 3.11 points, or 0.12 percent, to 2,514.81 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.5 percent to 35,273.03, and the tech-heavy Nasdaq also added 0.5 percent to 14,265.86.

There have been expectations that the Fed has nearly completed its hiking cycle, and rate cuts are likely in 2024. But the latest Fed minutes showed no indication of rate cuts.

In Seoul, tech, auto and airline stocks led gains.

Among gainers, Samsung Electronics rose 0.1 percent, Hyundai Motor climbed 0.1 percent, Korean Air gained 1.3 percent, and Korea Aerospace Industries was up 0.1 percent.

Among decliners, Posco Holdings fell 0.1 percent, HMM declined 1.2 percent, and Amorepacific shed 0.9 percent.

Bidding for HMM is set to begin Thursday, with industry sources expecting three firms — LX International, Harim and Dongwon — to take part in the race for Korea's top container shipper that has been under a creditor-led debt restructuring scheme since 2016.

The local currency was trading at 1,299.60 won against the U.S. dollar, down 0.9 won from the previous session's close.

BY KIM JU-YEON, YONHAP [[email protected]]