Seoul stocks open higher on easing inflation worries

South Korean stocks opened higher Tuesday, as investor concerns over early post-pandemic inflation were eased by the soothing comments by the US Federal Reserve.

The benchmark Korea Composite Stock Price Index (Kospi) rose 8.27 points, or 0.26 percent, to reach 3,152.57 points in the first 15 minutes of trading.

Overnight, the tech-laden Nasdaq gained 1.41 percent, as the Fed's key officials said the recent price hikes and supply shortages may be temporary. The Dow Industrial Average and the S&P 500 rebounded 0.54 percent and 0.99 percent, respectively.

In Seoul, market bellwether Samsung Electronics added 0.25 percent, and No. 2 chipmaker SK hynix advanced 1.26 percent.

Internet portal operator Naver increased 0.28 percent, while giant pharmaceutical firm Samsung Biologics lost 1.86 percent.

Top automaker Hyundai Motor declined 0.88 percent, but leading chemical firm LG Chem climbed 1.35 percent.

The local currency was trading at 1,124.05 won against the US dollar, up 3.05 won from the previous session's close. (Yonhap)