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Seoul shares open marginally higher after U.S. inflation rout

All News 09:32 September 15, 2022

SEOUL, Sept. 15 (Yonhap) -- South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears over more rounds of aggressive rate hikes by the U.S. Federal Reserve following the strong U.S. inflation data.

The benchmark Korea Composite Stock Price Index (KOSPI) was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading.

Wall Street managed to end higher Wednesday (local time) after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected U.S. consumer price index for August.

The inflation data dented hopes that the Fed may scale back its aggressive monetary tightening and possibly ease up on the future rate hikes after next week's rate-setting meeting.

Analysts believe the Fed will go with a .75 percentage-point increase this month, with some betting on a full percentage-point hike.

In Seoul, shares traded mixed. Top-cap Samsung Electronics fell about 0.2 percent, while leading automaker Hyundai Motor gained over 1 percent.

Steel giant POSCO Holdings dipped more than 3 percent. Battery makers gathered ground, with LG Energy Solution rising 0.2 percent and Samsung SDI advancing 1.3 percent.

The local currency was trading at 1,394.20 won against the U.S. dollar as of 9:15 a.m., down 3.3 won from Wednesday's close.


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