Seoul, March 6 (IANS) Uncertainties remain high regarding prices, given geopolitical issues and trade conflicts among major nations, the central bank here said on Thursday.
Bank of Korea (BOK) Deputy Gov. Kim Woong made the assessment during a meeting meant to check prices after government data showed that consumer prices, a key gauge of inflation, rose 2 percent from a year earlier in February following 2.2 percent growth in January.
“Uncertainties remain high regarding geopolitical situations, trade conflicts among major nations, the foreign exchange rate and domestic demand,” Kim said.
“Inflation is expected to move around our target level given both downside and upside risks,” he added.
The BOK projected 1.9 percent price growth in 2025 in its latest forecast.
Meanwhile, South Korean stocks opened higher on Thursday after the U.S. administration agreed to delay auto tariffs on Mexico and Canada.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 19 points, or 0.74 percent, to 2,577.13 in the first 15 minutes of trading.
Overnight, major U.S. shares rebounded as investor sentiment improved after the Trump administration suspended new auto duties on Mexico and Canada for a month and signalled it is open to more tariff negotiations.
The S&P 500 gained 1.12 percent, and the Dow Jones Industrial Average increased 1.14 percent, while the tech-heavy Nasdaq rose 1.46 percent.
In Seoul, tech behemoth Samsung Electronics added 0.37 percent, while its chipmaking rival SK hynix inched down 0.05 percent.
Leading battery maker LG Energy Solution jumped 2.25 percent, and steel giant POSCO Holdings soared 5.61 percent.
Automakers also kicked off strong, with Hyundai Motor up 2.26 percent and its sister Kia surging 2.92 percent.
Financial shares were also bullish, with KB Financial up 2.35 percent and Shinhan Financial up 3.47 percent.
But major defence firm Hanwha Aerospace shed 1.29 percent.
Major shipbuilders Hanwha Ocean and HD Hyundai Heavy also lost 0.75 percent and 0.79 percent, respectively.
—IANS
na/
