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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday (Yonhap) |
South Korean stocks opened almost flat Friday amid the outlook that the US Federal Reserve is likely to pause the interest rate hikes in its next policy meeting in September.
The benchmark Korea Composite Stock Price Index rose 0.84 points, or 0.03 percent, to 2,557.11 in the first 15 minutes of trading. Stocks fluctuated in and out of positive terrain in the 15-minute period.
Wall Street ended mixed Thursday as investors cemented bets the Fed will pause the interest rate hike, after data showed the personal consumption expenditures price index, a key gauge of inflation, rose 3.3 percent in July on an annual basis, in line with the consensus.
The core PCE price index, which excludes volatile food and energy, rose 4.2 percent in the same month on the annual basis in line with the market estimate.
Expectations for a rate pause are growing as the world's largest economy is showing signs of a slowdown, backed by latest moderate data in private hiring released earlier in the week that indicated a slowdown in employment.
In Seoul, tech behemoth Samsung Electronics gained 0.6 percent, while top battery maker LG Energy Solution sank more than 2 percent.
Leading chemical firm LG Chem fell 1.2 percent, and battery materials maker Posco Future M lost nearly 1.8 percent.
Top energy company SK Innovation rose 0.8 percent. Home appliance maker LG Electronics advanced 1.4 percent.
The local currency was trading at 1,322.30 won against the dollar at 9:15 a.m., down 0.5 won from Thursday's close. (Yonhap)
