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Seoul shares open higher amid growing Fed rate pause outlookBy Yonhap
Published : Sept. 4, 2023 - 09:39
South Korean stocks opened higher Monday on growing expectations the US Federal Reserve will not raise the interest rate in its next policy meeting after key unemployment data reflected a cooling economy.
The benchmark Korea Composite Stock Price Index (Kospi) rose 7.31 points, or 0.29 percent, to 2,571.02 in the first 15 minutes of trading.
The US unemployment rate jumped to 3.8 percent in August, the Labor Department said Friday, and wage growth slowed.
The fresh readings came as a reminder the Fed's aggressive tightening policy is working, raising the likelihood the central bank will pause its interest rate hikes in its September policy meeting.
In Seoul, major tech blue chips gathered ground, led by market bellwether Samsung Electronics rising 0.9 percent and top battery maker LG Energy Solution gaining 1.2 percent.
Leading chemical producer LG Chem climbed 1 percent
Chip giant SK hynix, on the other hand, fell 1.3 percent.
No. 1 automaker Hyundai Motor slipped 0.8 percent, and its smaller affiliate Kia shed 1 percent.
The local currency was trading at 1,321.30 won against the US dollar at 9:15 a.m., down 2.5 won from Friday's close. (Yonhap)
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