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Seoul shares open higher on U.S. gains

All News 09:30 September 08, 2022

SEOUL, Sept. 8 (Yonhap) -- Seoul stocks opened higher Thursday, tracking overnight gains on Wall Street amid concerns over the Federal Reserve's aggressive rate hikes to tackle inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.49 percent, or 11.64 points, to 2,388.10 as of 9:15 a.m.

Overnight, the Dow Jones Industrial Average rose 1.4 percent to 31,581.28 and the tech-heavy Nasdaq Composite index climbed 2.1 percent to 11,791.90.

But investors remain concerned over the U.S. central bank's next rate decision as Fed officials reiterated their determination to raise interest rates to get inflation under control.

Tech and airline stocks were lead gainers, with market bellwether Samsung Electronics Co. rising 0.2 percent, No. 2 chipmaker SK hynix Inc. climbing 0.2 percent and national flag carrier Korean Air Lines Co. gaining 1 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 1 percent, its affiliate Kia Corp. declined 1 percent, and the country's sole aircraft manufacturer Korea Aerospace Industries Co. shed 6 percent.

The local currency was trading at 1,380.40 won against the U.S. dollar, up 3.80 won from the previous session's close.


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