Seoul shares open higher after 8-day losing streak

Seoul shares open higher after 8-day losing streak

Seoul shares opened higher Friday as technology stocks rebounded amid concerns over the Federal Reserve’s further monetary tightening to tackle high inflation.

The Korea Composite Stock Price Index (KOSPI) rose 21.67 points, or 0.85 percent, to 2,571.75 in the first 15 minutes of trading.

The KOSPI rebounded following an eight-day losing streak as the Fed is likely to raise interest rates by a half-percentage point at each of its next two meetings.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. rose 0.8 percent, No. 2 chipmaker SK hynix Inc. climbed 0.9 percent, and top carmaker Hyundai Motor Co. gained 2.8 percent. National flag carrier Korean Air Lines Co. also was up 0.9 percent.

Among decliners, Korea Aerospace Industries Co., the country’s sole aircraft manufacturer, fell 1.1 percent, and leading shipper HMM declined 0.5 percent.

The local currency was trading at 1,289.80 won against the US dollar as of 9:15 a.m., down 1.20 won from the previous session’s close. (Yonhap)

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