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Shares open lower after U.S. inflation data with Fed on deck

Published: 13 Dec. 2023, 09:45

KIM JU-YEON
[email protected]

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

Shares opened lower Wednesday as investors digested the latest U.S. inflation data that met market expectations while waiting for this week's U.S. Federal Reserve meeting.

The Kospi fell 7.67 points, or 0.3 percent, to 2,527.6 in the first 15 minutes of trading.

The United States announced its on-year inflation came to 3.1 percent in November, falling in line with the market estimate.

Investors also waited for hints over the future direction of U.S. monetary policy from this week's Fed meeting.

In Seoul, Samsung Electronics slipped 0.27 percent, and LG Energy Solution shed 1.06 percent. Samsung SDI decreased by 1.57 percent.

Chemical shares also lost ground, with LG Chem falling 1.69 percent and SK Innovation losing 0.82 percent.

Airlines, on the other hand, opened higher, with Korean Air rising 0.22 percent and Asiana Airlines gaining 0.73 percent.

The local currency was trading at 1,313.2 won against the dollar, down 0.8 won from the previous session's close.

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