The Korea Herald

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Seoul shares open higher ahead of US jobs data

By Yonhap

Published : July 5, 2024 - 09:36

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul shares opened higher Friday as investors await US jobs data this week for clues on the Federal Reserve's future policy path.

The benchmark Korea Composite Stock Price Index gained 15.66 points, or 0.55 percent, to 2,840.60 in the first 15 minutes of trading.

Institutions and foreigners bought a combined 358 billion won ($260 million) worth of stocks, offsetting individuals' stock selling valued at 352 billion won.

The US jobs report due Friday is forecast to show slowing job growth in June, raising hopes that the Fed will cut interest rates within this year.

In Seoul, tech and auto stocks led gains.

Market bellwether Samsung Electronics Co. rose 1.3 percent, No. 2 chipmaker SK hynix Inc. climbed 0.4 percent, top automaker Hyundai Motor Co. gained 0.7 percent, and its smaller affiliate Kia Corp. was up 0.9 percent.

Among decliners, leading battery maker LG Energy Solution Ltd. fell 1.7 percent, leading wireless services provider SK Telecom Co. declined 0.2 percent, and leading refiner SK Innovation Co. shed 1.8 percent.

The local currency was trading at 1,378.90 won against the US dollar, up 1.5 won from the previous session's close. (Yonhap)