S. Korean stocks opens higher amid lingering rate hike woesBy Yonhap
Published : March 6, 2023 - 09:49
South Korean stocks opened a tad higher Monday as investors wait for the Federal Reserve chief's remarks on the US economy and clues on future monetary policy.
The benchmark Korea Composite Stock Price Index rose 9.63 points, or 0.4 percent, to 2,441.7 in the first 15 minutes of trading.
US stocks had ended the week on a higher note on speculations the Fed could slow down the pace of rate hikes. All three major indexes on Wall Street closed over 1 percent higher last week.
Investors are keen on how Fed Chair Jerome Powell will assess the US economy before the Senate and the House Committees this week.
In Seoul, most shares were off to a strong start.
Market bellwether Samsung Electronics added 0.5 percent, while smaller rival SK hynix inched up 0.57 percent.
Top portal operator Naver advanced 2.43 percent, and messenger app operator Kakao was up 3.11 percent.
The local currency was trading at 1,296 won against the greenback, up 5.6 won from the previous day's close, as of 9:15 a.m. (Yonhap)
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