Seoul shares turn higher after weak start amid inflation woes
Seoul shares turned higher after a weak start Wednesday amid concerns that hotter-than-expected U.S. inflation could prompt rate hikes down the road. After opening 0.56 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) turned higher, trading up 13.71 points, or 0.26 percent, at 5,252.84 as of 9:15 a.m. On Tuesday, the index gained 4.39 percent, buoyed by a rally in U.S.…
Seoul shares experienced a rebound on Wednesday, climbing higher after a weak start driven by worries over unexpectedly strong U.S. inflation leading to potential rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) rebounded, climbing 13.71 points, or 0.26 percent, to 5,252.84 by 9:15 a.m. On Tuesday, the index had surged 4.39 percent, driven by a rally in U.S. technology stocks and falling oil prices.
The Dow Jones Industrial Average slipped 0.3 percent, while the tech-focused Nasdaq Composite fell 0.74 percent overnight. Inflationary concerns intensified as U.S. consumer prices increased at a higher-than-anticipated 0.3 percent in October, compared to the previous month. This prompted speculation that the Federal Reserve might adopt a more aggressive approach to monetary tightening to control inflation.
In Seoul, large-cap stocks were largely mixed. Samsung Electronics, a market bellwether, declined 0.2 percent, while chipmaker SK hynix dropped 0.5 percent. Defense conglomerate Hanwha Aerospace fell 1.37 percent, and national carrier Korean Air shed 0.92 percent. Notably, leading auto parts manufacturer Hyundai Mobis emerged as a gainer, rising 1 percent.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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