Seoul shares open tad higher ahead of key U.S. data

SEOUL: Seoul shares opened a tad higher Friday ahead of the release of the Federal Reserve's preferred gauge of inflation. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.61 points, or 0.09 percent, to 2,786.67 in the first 15 minutes of trading. Overnight, Wall Street closed slightly higher, as the U.S. personal consumption expenditures (PCE) price index for May is set to be released Friday (U.S. time), the latest data for any clues on the Fed's monetary policy direction. In Seoul, market bellwether Samsung Electronics lost 0.25 percent, and No. 2 chipmaker SK hynix declined 0.63 percent. Top automaker Hyundai Motor dropped 0.5 percent, and its smaller affiliate Kia retreated 1.14 percent. Steel giant POSCO Holdings and leading chemical producer LG Chem also decreased 1.11 percent and 2.18 percent, respectively. But financial shares gained ground, with KB Financial Group up 0.89 percent and Shinhan Financial Group up 2.12 percent. Samsung Fire and Marine Insurance jumped 3.85 percent. The local currency was trading at 1,385.30 won against the U.S. dollar, up 0.5 won from the previous session's close. Source: Yonhap News Agency