Seoul shares almost flat late Wed. morning ahead of U.S. inflation data

Business

Seoul stocks were almost flat late Wednesday morning, paring early gains ahead of the release of U.S. inflation data.

The benchmark Korea Composite Stock Price Index (KOSPI) had declined 0.44 point, or 0.02 percent, to trade at 2,547.42 as of 11:20 a.m.

The main index was off to a good start, rising as high as 2,561.37 earlier in the morning. It closed 1.42 percent higher on Tuesday, after the Bank of Korea kept its policy rate unchanged at 3.5 percent on concerns over an economic recession.

Overnight, Wall Street closed little changed, with the S&P 500 ending about flat, the Dow Jones Industrial Average rising 0.29 percent and the Nasdaq Composite declining 0.43 percent.

Investors are awaiting the release of the March readings of the consumer price index, due Wednesday (U.S. time), which will offer them more insights into the Fed’s monetary tightening policy path.

In Seoul, No. 1 automaker Hyundai Motor rose 2.76 percent and Hyundai Mobis, a leading auto parts maker, climbed 4.75 percent.

POSCO Holdings, the country’s leading steelmaker, jumped 4.03 percent.

Among losers, leading chemicals producer LG Chem declined 1.86 percent, market behemoth Samsung Electronics lost 0.61 percent, and top battery maker LG Energy Solution shed 2.13 percent.

The local currency was trading at 1,324 won against the U.S. dollar at around 11:20 a.m., down 1.8 won from the previous session.

Source: Yonhap News Agency