SEOUL– South Korean stocks traded higher late Thursday morning, taking a cue from overnight Wall Street gains on anticipation of slower inflation in the United States.
The benchmark Korea Composite Stock Price Index (KOSPI) had increased 7.84 points, or 0.33 percent, to 2,367.37 points as of 11:33 a.m.
Overnight, the tech-heavy Nasdaq composite added 1.76 percent and the Dow Jones Industrial Average advanced 0.8 percent amid expectations that slower growth in the December consumer price index (CPI), a key gauge for inflation, could prod the U.S. Federal Reserve to go easy on its aggressive policy tightening.
Most sectors advanced in Seoul, while chipmakers performed weak.
KOSPI’s top cap Samsung Electronics lost 0.5 percent, and No. 2 chipmaker SK hynix shed 1.26 percent.
Leading car battery maker LG Energy Solution grew 0.21 percent, internet portal operator Naver gained 0.26 percent, and the country’s largest carmaker Hyundai Motor increased 2.13 percent.
The local currency was trading at 1,243.8 won against the U.S. dollar as of 11:33 a.m., up 2.4 won from the previous session’s close.
Source: Yonhap News Agency