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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 Wednesday. (Yonhap) |
Seoul shares opened higher Wednesday amid concerns over a global recession after the US Federal Reserve vowed to continue its monetary tightening to tame inflation.
The benchmark Korea Composite Stock Price Index rose 6.35 points, or 0.27 percent, to 2,339.64 in the first 15 minutes of trading.
Institutions and individuals bought a combined 53 billion won ($41 million) worth of stocks, exceeding foreign selling valued at 51 billion won.
Fed officials last week indicated plans to raise the rate to a higher-than-expected level until they are confident inflation has been subdued.
On Tuesday, the Bank of Japan announced it will raise 10-year government bond yields to around 0.5 percent from the previous upper limit of 0.25 percent. The decision was seen as heralding Japan's move for monetary tightening.
In Seoul, tech and airline stocks led gains, with market bellwether Samsung Electronics Co. rising 0.2 percent, No. 2 chipmaker SK hynix Inc. climbing 0.4 percent, and national flag carrier Korean Air Co. gaining 0.2 percent to 24,500 won.
Among decliners, top carmaker Hyundai Motor Co. fell 0.3 percent to 156,500 won, its affiliate Kia Corp. declined 0.6 percent to 62,000 won, and LG Chem Ltd. shed 1.1 percent to 624,000 won.
The local currency was trading at 1,285.85 won against the US dollar as of 9:15 a.m., up 3.75 won from the previous session's close. (Yonhap)
