Seoul shares opened higher Thursday, tracking tech-led gains on Wall Street, as investors expect the Federal Reserve’s rate cut after the release of U.S. inflation data.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.2 percent, or 30.17 points, to 2,543.54 in the first 15 minutes of trading.

In August, the U.S. core consumer price index, excluding volatile food and energy costs, rose 0.3 percent from July.

The inflation data dashed hopes for a big cut by the Fed next week but market participants expect there is likely to be at least a 25-basis point cut, analysts said.

In Seoul, tech and auto stocks led gains.

Market bellwether Samsung Electronics rose 2.2 percent, No. 2 chipmaker SK hynix Inc. jumped 6.2 percent, top carmaker Hyundai Motor Co. gained 2.7 percent, and LG Chem Ltd. was up 2.2 percent.

Among decliners, leading battery maker LG Energy Solution Ltd. fell 0.3 percent, leading refiner SK Innovation Co. declined 0.4 percent, and dominant tobacco company KT and G Corp. shed 1.1
percent.

The local currency was trading at 1,341.75 won against the U.S. dollar, down 2.8 won from the previous session.

Source: Yonhap News Agency