Seoul shares open higher on tech boost, easing inflationBy Yonhap
Published : July 3, 2023 - 09:41
South Korean stocks got off to a strong start Monday, driven by tech heavyweights and signs of inflation easing in the US economy.
The benchmark Korea Composite Stock Price Index advanced 22.61 points, or 0.88 percent, to 2,586.89 in the first 15 minutes of trading.
The US personal consumption expenditures index, a reading on inflation, rose 3.8 percent in May, a marked drop from a 4.3 percent rise in April, the US Commerce Department data showed, in a sign that inflation is cooling.
The core PCE, which excludes volatile food and energy, inched down to 0.3 percent from 0.4 percent in the same period.
Wall Street rallied Friday with all three indexes closing higher. Apple Inc. reached its $3 trillion market valuation for the first time.
In Seoul, tech large-caps got a boost from the US rally, with Samsung Electronics gaining nearly 1 percent and chipmaker SK hynix jumping 2 percent.
Top battery maker LG Energy Solution rose 1.7 percent.
Steel giant Posco Holdings climbed more than 2 percent.
Kia, the smaller auto affiliate of Hyundai Motor, fell 0.6 percent. Leading shipyard HD Hyundai Heavy Industries slid 1.2 percent.
The local currency was trading at 1,312.40 won against the US dollar at around 9:15 a.m., up 5.3 won from Friday's close. (Yonhap)
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