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Kospi opens narrowly higher ahead of inflation data release

Published: 28 Jun. 2024, 09:51 Updated: 28 Jun. 2024, 10:30

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,784.06 points on Thursday, down 0.29 percent, or 7.99 points, from the previous trading session. [YONHAP]

Shares opened a tad higher Friday ahead of the release of the Federal Reserve's preferred gauge of inflation.

The Kospi added 2.61 points, or 0.09 percent, to 2,786.67 in the first 15 minutes of trading.

Overnight, Wall Street closed slightly higher, as the U.S. personal consumption expenditures (PCE) price index for May is set to be released Friday (U.S. time), the latest data for any clues on the Fed's monetary policy direction.

In Seoul, Samsung Electronics lost 0.25 percent, and SK hynix declined 0.63 percent.

Hyundai Motor dropped 0.5 percent, and its smaller affiliate Kia retreated 1.14 percent.

Posco Holdings and LG Chem also decreased 1.11 percent and 2.18 percent, respectively.

But financial shares gained ground, with KB Financial Group up 0.89 percent and Shinhan Financial Group up 2.12 percent. Samsung Fire & Marine Insurance jumped 3.85 percent.

The local currency was trading at 1,385.30 won against the dollar, down 0.5 won from the previous session's close.

BY CHOI HAE-JIN, YONHAP [[email protected]]