The opening bell on Monday brought gains to the stock market in South Korea as easing inflation concerns increased prospects for more gradual rate rises from the Federal Reserve.
In the first 15 minutes of trading, the benchmark Korea Composite Stock Price Index rose 8.11 points, which is equivalent to a 0.33 percent increase. It is now at 2,491.27.
The Dow Jones Industrial Average increased by 0.1 percent on Friday, while the tech-heavy Nasdaq Composite jumped 1.88 percent on the back of hopes that the Federal Reserve may be able to slow the pace of its aggressive monetary tightening as a result of easing inflation concerns.
At 7.7 percent on an annual basis, the rise in the consumer price index for the United States in October was the smallest of the year. The number was lower than the 7.9 percent increase that economists had anticipated.
Over the course of the last week, the Kospi saw growth of more than 5 percent.
On Monday, top-cap shares traded in Seoul in a range of prices, with carmakers and chemical companies outperforming the general market to the upside.
The leading automotive manufacturer Hyundai Motor climbed 3.49 percent, while its subsidiary Kia climbed 3.24 percent within the same time period.
Both LG Energy Solutions, which makes batteries, and LG Chem, which is the leading chemical company in the world, saw their share prices go up today.
Posco, the world’s largest steelmaker, also gained 2.45 percent.
Kakao, the operator of the widely used mobile messenger Kakao Talk, increased its share price by 1.36 percent, while internet behemoth Naver saw its share price increase by 0.26 percent.
Profit-taking resulted in a decline of 0.48 percentage points for market leader Samsung Electronics and 1.07 percentage points for chip industry major SK Hynix.
As of 9:15 in the morning, the Korean won was trading at 1,315.85 won vs the US dollar. This is an increase of 2.55 won compared to the previous session’s closing price.