Intellasia East Asia News – Seoul stocks open higher on tech gains

Seoul shares opened higher Friday as tech stocks advanced despite losses on Wall Street, but investors remain concerned about the US’ looming tapering move.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.23 points, or 0.90 percent, to 2,946.76 points in the first 15 minutes of trading.

The main index rebounded from a 2.3 percent drop in the past two sessions. The decline was attributable to Fed meeting minutes that suggested the US central bank may raise interest rates sooner and higher than expected.

Tech and auto stocks were lead gainers.

Market bellwether Samsung Electronics Co. rose 1.4 percent to 78,000 won, No. 2 chipmaker SK hynix Inc. climbed 2.4 percent to 28,000 won, and top carmaker Hyundai Motor Co. gained 0.9 percent to 216,000 won.

Among losers, Daewoo Shipbuilding & Marine Engineering Co. fell 0.4 percent to 24,800 won, dominant tobacco company KT&G Corp. declined 0.1 percent to 78,600 won, and leading cosmetics firm Amorepacific Corp. shed 0.3 percent to 163,000 won.

The local currency was trading at 1,202.15 won to the US dollar, down 1.15 won from the previous session’s close.


Category: Korea

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