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Seoul shares open higher ahead of U.S. inflation data

All News 09:30 September 13, 2022

SEOUL, Sept. 13 (Yonhap) -- South Korean stocks got off to a strong start Tuesday as investors await the new U.S. inflation data ahead of the Federal Reserve's rate-setting policy meeting next week.

The Korea Composite Stock Price Index (KOSPI) soared 43.34 points, or 1.82 percent, to 2,427.62 in the first 15 minutes of trading.

U.S. stocks rallied Monday (local time) amid hopes that the likely slowdown in the August inflation would prod the Fed to go easy on its future rate hikes if it were to stick to its third consecutive three-quarter hike this time in the monetary policy meeting slated for Sept. 20-21.

Fed Chair Jerome Powell has stressed the Fed remains "strongly committed" to curbing the decades-high inflation and will continue its job until it is done.

In Seoul, major large-caps gathered ground across the board.

Tech giant Samsung Electronics jumped nearly 2.9 percent, and battery maker Samsung SDI gained over 3.5 percent. Top internet portal operator Naver also rose 2.6 percent.

Auto stocks fell. Top automaker Hyundai Motor slid 0.7 percent and its smaller affiliate Kia lost more than 1 percent.

The local currency was trading at 1,373.10 won against the U.S. dollar as of 9:15 a.m., up 7.7 won from Thursday's close.

South Korean markets were closed Friday through Monday for the four-day Chuseok fall harvest holiday.


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