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Seoul shares open higher amid inflation woes

All News 09:33 July 04, 2022

SEOUL, July 4 (Yonhap) -- South Korean stocks opened marginally higher Monday, tracking a U.S. rebound last week as investors closely watch the U.S. Federal Reserve's next move to curb inflation.

The Korea Composite Stock Price Index (KOSPI) rose 9.92 points, or 0.43 percent, to 2,315.34 in the first 15 minutes of choppy trading.

Major U.S. indexes on Friday (U.S. time) reversed their earlier losses to end higher, as investors speculated whether weaker-than-expected economic indicators would prod the Fed to slow down on its drastic rate hike plans in the face of decades-high inflation.

Tech blue chips led the KOSPI's gain in Seoul, led by market behemoth Samsung Electronics rising 0.89 percent and battery maker LG Energy Solution climbing almost 1 percent. Chip giant SK hynix also added 0.5 percent.

Auto shares also advanced. Hyundai Motor and its smaller affiliate Kia both gained about 1.4 percent.

Financial stocks, in contrast, lost ground. KB Financial shed more than 1 percent, and Shinhan Financial slipped about 0.3 percent.

The local currency was trading at 1,297.70 won against the U.S. dollar as of 9:15 a.m., down 0.4 won from Friday's close.


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