Shares open higher as Wall Street goes into Thanksgiving

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Shares open higher as Wall Street goes into Thanksgiving

Published: 24 Nov. 2023, 09:49

PARK EUN-JEE
[email protected]

Screen in Hana Bank's trading room in central Seoul show stock and foreign exchange close on Tuesday. [NEWS1]

Shares opened slightly higher Friday, with no major guidance in the markets due to the Thanksgiving holiday in the United States on Thursday.

The Kospi rose 3.38 points, or 0.13 percent, to 2,518.34 in the first 15 minutes of trading.

Market participants expected the U.S. Federal Reserve to be nearing the end of its hiking cycle and that rate cuts are likely in 2024. But the latest Fed minutes showed no indication of rate cuts.

In Seoul, large-cap stocks were mixed.

Market bellwether Samsung Electronics rose 0.2 percent, No. 2 chipmaker SK hynix climbed 0.9 percent, top carmaker Hyundai Motor climbed 0.3 percent, leading chemical firm LG Chem gained 2.8 percent, and leading steelmaker Posco Holdings was up 0.2 percent.

Among decliners, national flag carrier Korean Air fell 0.4 percent, and Korea Aerospace Industries, the country's sole aircraft manufacturer, declined 0.4 percent. Leading car battery maker LG Energy Solution was down 0.3 percent.

The local currency was trading at 1,299.55 won against the U.S. dollar, down 2.05 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [[email protected]]