© Reuters.
South Korean shares opened higher on Friday, bolstered by anticipation that the Federal Reserve will hold its key interest rate steady next week. This expectation was fueled by recent U.S. economic data, including retail sales and producer prices, which led to a rally across all three U.S. stock indexes on Thursday.
The benchmark Korea Composite Stock Price Index () rose 6.78 points, or 0.26 percent, to 2,579.67 in the initial 15 minutes of trading. The positive sentiment was also influenced by the U.S. consumer price index, which increased 3.7 percent in August year-on-year due to soaring oil prices. However, core inflation, excluding volatile food and energy prices, slowed to an annual rate of 4.3 percent.
In Seoul, large-cap stocks presented mixed results. Samsung Electronics (KS:), the world’s largest memory chipmaker, saw a slight decrease of 0.14 percent, while its competitor SK Hynix remained unchanged. Hyundai Motor (OTC:), the top carmaker, fell by 0.63 percent, but its affiliate Kia Motors gained 0.25 percent.
Battery manufacturers experienced growth with industry leader LG Energy Solution adding 0.2 percent and its smaller rival Samsung SDI rising 0.34 percent. Steel behemoth POSCO (NYSE:) Holdings leaped by 2.71 percent and its chemical materials manufacturing unit POSCO Future M gained 1 percent.
In the tech sector, internet portal operator Naver increased by 0.44 percent and Kakao, the operator of a popular mobile messenger service, gained 0.52 percent. However, bio stocks were among early losers with Samsung Biologics dipping 0.14 percent and Celltrion retreating 0.47 percent.
Major oil refiner SK Innovation also saw a decrease of almost 1.3 percent. Meanwhile, the local currency traded at 1,328.70 won against the U.S. dollar at 9:15 a.m., marking a slight decrease of 3.0 won from Thursday’s close.
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