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Seoul shares open nearly flat amid eased recession woes

By Yonhap

Published : June 28, 2023 - 09:36

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South Korean stocks opened nearly flat Wednesday, as global recession woes eased after better-than-expected US economic data.

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

The benchmark Korea Composite Stock Price Index rose 2.15 points, or 0.08 percent, to 2,583.54 in the first 15 minutes of trading.

US consumer confidence jumped unexpectedly to a near 18-month high in June. Orders of durable manufactured goods increased last month, and new home sales sharply rose to an over-one-year high in May.

Investors have their eye on what US Federal Reserve Chair Jerome Powell will say about the direction of the interest rate hike campaign in a speech at a forum in Portugal on Wednesday.

In Seoul, major tech blue chips gathered ground, while auto and steel shares fell.

Top battery maker LG Energy Solution added 0.2 percent, and chip giant SK hynix rose nearly 1 percent.

Tech behemoth Samsung Electronics slipped 0.3 percent.

Leading automaker Hyundai Motor fell 0.3 percent, and steel company Posco Holdings slid about 0.9 percent.

The local currency was trading at 1,299.70 won against the US dollar at around 9:15 a.m., up 0.6 won from Tuesday's close. (Yonhap)