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Seoul stocks open slightly higher amid monetary tightening woes

All News 09:43 November 04, 2022

SEOUL, Nov. 4 (Yonhap) -- Seoul stocks opened higher but remained subdued Friday, as investors are uncertain about the future direction of the U.S. Federal Reserve's monetary policy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.68 points, or 0.2 percent, to 2,333.85 in the first 15 minutes of trading.

The KOSPI traded in positive territory despite continued Wall Street losses after the Fed's fourth straight rate increase of 0.75 percentage point.

Investors remained uneasy over the U.S. monetary policy direction after Fed Chair Jerome Powell said that rates could rise to higher-than-expected levels.

In Seoul, most market heavyweights got off to a weak start.

Market bellwether Samsung Electronics stayed almost flat, and rival chipmaker SK hynix inched up 0.36 percent.

National carrier Korean Air Lines jumped 4.61 percent following its strong third-quarter earnings results announced a day earlier.

Auto industry shares were mixed. Top automaker Hyundai Motor added 0.31 percent, while sister affiliate Kia remained unchanged.

The local currency was exchanging hands at 1,425.3 won against the greenback, down 1.5 won from the previous day's close, as of 9:15 a.m.


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