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Seoul shares open lower ahead of US inflation dataBy Yonhap
Published : Feb. 13, 2023 - 09:49
South Korean stocks opened lower Monday ahead of the release of the United States' key inflation data later this week.
The benchmark Korea Composite Stock Price Index shed 17.42 points, or 0.71 percent, to 2,452.31 in the first 15 minutes of trading.
Investors are awaiting the US' Consumer Price Index report for January due out on Tuesday, which will set the tone for the Federal Reserve's monetary tightening path.
Fed Chair Jerome Powell said last week that disinflation has started, but it has "a long way to go."
On Friday, US shares ended mixed amid uncertainty over future rate hikes. The Dow Jones Industrial Average rose 0.5 percent, while the tech-heavy Nasdaq Composite fell 0.61 percent.
In Seoul, most top-cap shares opened lower, with tech shares under heavy downward pressure.
Market bellwether Samsung Electronics fell 0.16 percent, and chip giant SK hynix sank 2.99 percent.
Leading battery maker LG Energy Solution dived 2.4 percent, and Samsung SDI tumbled 2.18 percent.
Major bio shares also lost ground, with Samsung Biologics losing 0.37 percent and Celltrion falling 0.99 percent.
But carmakers rose. Top automaker Hyundai Motor inched up 0.06 percent, and its affiliate Kia added 0.14 percent.
Among gainers, LG Chem grew 0.3 percent, and SK Innovation rose 1.55 percent.
The local currency was trading at 1,269.30 won against the US dollar as of 9:15 a.m., down 4.1 won from the previous session's close. (Yonhap)
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