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지나쌤

Seoul shares open higher amid eased worries over US future rate hikes

By Yonhap

Published : June 16, 2023 - 09:41

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

South Korean stocks opened higher Friday, after US economic data pointing to solid consumer demand and softening inflation boosted hopes for an early end to the Federal Reserve's aggressive interest rate hikes.

The benchmark Korea Composite Stock Price Index rose 5.4 points, or 0.21 percent, to 2,613.94 in the first 15 minutes of trading.

Wall Street rallied Thursday as optimism grew that the Fed would loosen its grip on interest rate hikes after the latest economic data showed a stronger-than-expected economy and signs of inflation easing.

US retail sales unexpectedly rose in May as purchases of vehicles and other goods increased. The most recent data on jobless claims climbed above the market forecast.

In Seoul, major financial and IT stocks gained ground.

KB Financial, one of the top banking firms, advanced 1.5 percent, and its rival Hana Financial rose 1.1 percent.

Internet portal giant Naver increased 1 percent, and platform operator Kakao added 0.4 percent.

Tech blue chips traded mixed. Top-cap Samsung Electronics fell 0.6 percent, while No. 1 battery maker LG Energy Solution was up 0.2 percent.

The local currency was trading at 1,269.8 won against the US dollar at around 9:15 a.m., up 10.7 won from Thursday's close. (Yonhap)

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