SEOUL– Seoul shares trimmed earlier gains late Wednesday morning as investors await the U.S. consumer price index to take a cue on the future direction of the Federal Reserve’s monetary policy.
The benchmark Korea Composite Stock Price Index had risen 3.07 points, or 0.13 percent, to 2,354.38 points as of 11:15 a.m.
The market opened higher following overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.6 percent, and the tech-heavy Nasdaq Composite climbed 1 percent.
If Thursday’s U.S. inflation data shows any signs of cooling, the U.S. central bank will slow the pace of its interest rate hikes, analysts said.
In Seoul, tech, auto and refinery stocks led the market gains.
Market bellwether Samsung Electronics Co. rose 0.3 percent, No. 2 chipmaker SK hynix Inc. climbed 0.4 percent, top carmaker Hyundai Motor Co. gained 0.6 percent, and leading refiner SK Innovation Co. was up 2 percent.
Among decliners, leading car battery maker LG Energy Solution Co. fell 0.3 percent and national flag carrier Korean Air Co. shed 0.2 percent.
The local currency was trading at 1,248.25 won against the U.S. dollar, down 3.55 won from the previous session’s close.
Source: Yonhap News Agency