Seoul shares open nearly flat despite US gains

South Korean stocks opened almost flat Thursday following overnight gains on Wall Street buoyed by cooler-than-expected inflation data.

The benchmark Korea Composite Stock Price Index gained 0.8 point, or 0.01 percent, to 2,487.47 in the first 15 minutes of trading.

The local market opened an hour later, along with the government and all major institutions, including private businesses, to make room for the once-a-year national college entrance exam.

US stocks closed higher overnight following reports that the producer price index rose at a lower-than-expected rate in October, providing an additional sign of slowing inflation one day after the country reported a slower-than-expected increase in consumer price index.

The Dow Jones Industrial average added 0.47 percent, with the Nasdaq Composite gaining 0.07 percent.

In Seoul, large caps traded mixed.

Market bellwether Samsung Electronics gained 0.83 percent, with No. 2 chipmaker SK hynix losing 0.45 percent.

Leading battery maker LG Energy Solution fell 1.44 percent, while top mobile carrier SK Telecom added 0.97 percent.

Top automaker Hyundai Motor rose 1.21 percent, with its smaller affiliate Kia soaring 2.09 percent.

The local currency was trading at 1,307.75 won against the US dollar, down 6.95 won from the previous session's close. (Yonhap)

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