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.…
After a weak start on Wednesday, Seoul shares turned higher amid worries that hotter-than-expected U.S. inflation could lead to future rate hikes. The Korea Composite Stock Price Index (KOSPI), which opened 0.56 percent lower, rebounded to close 0.26 percent higher, trading at 5,252.84 points by 9:15 a.m. The index had gained 4.39 percent on Tuesday, driven by a tech stock rally in the U.S. and falling oil prices.
On Tuesday, the Dow Jones Industrial Average fell 0.3 percent, while the tech-focused Nasdaq Composite declined 0.74 percent. U.S. consumer prices increased at a higher-than-anticipated rate of 0.3 percent in October, raising concerns about a more aggressive monetary tightening policy by the Federal Reserve to combat inflation. In Seoul, large-cap stocks showed mixed performance.
Samsung Electronics and SK hynix, its chipmaking rival, both lost 0.2 percent and 0.5 percent respectively. Defense company Hanwha Aerospace declined 1.37 percent, and national carrier Korean Air shed 0.92 percent. Among the gainers, auto parts manufacturer Hyundai Mobis rose by 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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