As streaming services raise fees, some turn to illegal streaming sites
4.0 magnitude earthquake shakes southeastern Korea
Seoul reviews scenarios for restoring guard posts in DMZ
Drug addiction treatment to be covered by national insurance
Remaining BTS members to begin military service next month
Seoul shares start higher on eased rate hike woesBy Yonhap
Published : Sept. 14, 2023 - 09:33
South Korean stocks started higher Thursday as concerns over a further rate hike by the Federal Reserve were eased despite higher-than-expected US inflation data.
The benchmark Korea Composite Stock Price Index rose 12.99 points, or 0.51 percent, to 2,549.69 in the first 15 minutes of trading.
The US consumer price index rose 3.7 percent in August from a year earlier due to high-flying oil prices.
But analyst said the US central bank is expected to keep its key rate steady at the upcoming rate-setting meeting next week as the inflation data was highly anticipated.
In Seoul, tech and auto shares led the early increase.
Samsung Electronics, the world's largest memory chipmaker, added 0.14 percent, and its rival SK hynix climbed 0.42 percent.
Top carmaker Hyundai Motor rose 0.32 percent, and its affiliate Kia gained 0.51 percent on the management-labor management wage agreement earlier this week.
But oil refineries were among the losers, with industry leader SK Innovation falling 0.5 percent and No. 3 S-Oil losing 1.51 percent.
The local currency was trading at 1,327.90 won against the US dollar at 9:15 a.m., up 2.1 won from Wednesday's close. (Yonhap)
BOK holds key rate steady, cuts 2024 growth outlook
Yoon revives policy chief of staff position
NK will never discuss 'sovereignty' with US, says Kim Yo-jong