Seoul shares open higher on US gains; Israel

패션 2023-11-29 10:07:49 5

Seoul shares opened higher Tuesday, tracking gains on Wall Street, after Federal Reserve officials made dovish comments on rates, with investors assessing uncertainties over the Israel-Palestine conflict.

The benchmark Korea Composite Stock Price Index rose 33.18 points, or 1.38 percent, to 2,441.91 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average rose 0.6 percent to 33,604,65, and the tech-heavy NASDAQ Composite gained 0.4 percent to 13,484.24.

Traders have expected another rate hike this year due to higher-than-expected U.S. employment data in September, but the U.S. central bank said the odds for further tightening have dropped dramatically amid the Israel-Palestine conflict.

In Seoul, most large-cap stocks advanced.

Market bellwether Samsung Electronics Co. rose 2.3 percent, No. 2 chipmaker SK hynix Inc. climbed 2.7 percent, leading wireless services provider SK Telecom Co. jumped 3.8 percent, No. 1 auto parts maker Hyundai Mobis Co. gained 1.7 percent, and leading car battery maker LG Energy Solution was up 1 percent.

Among decliners, the country's national flag carrier Korean Air Co. fell 1.4 percent; KG Mobility, formerly known as SsangYong Motor Co., declined 1.2 percent; and leading cosmetics firm AmorePacific Corp. shed 0.5 percent.

The local currency was trading at 1,345.25 won against the U.S. dollar at 9:15 a.m., up 4.65 won from the previous session's close. (Yonhap)




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