Seoul stocks open sharply higher on Wall Street rebound


South Korean shares opened sharply higher Thursday, tracking an overnight rebound on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.48 points, or 1.11 percent, to 2,402.29 in the first 15 minutes of trading.

The index got off to a strong start after a 1.09 percent fall the previous session.

Tech shares soared, taking a cue from a rebound in US tech heavyweights.

The tech-laden Nasdaq composite rose 293.87 points, or 2.71 percent, to 11,141.56 on Wednesday (New York time). The Dow Jones Industrial Average gained 2.6 percent, with the S&P 500 up 2.01 percent.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 1.88 percent, with No. 2 chipmaker SK hynix gaining 0.65 percent.

Leading chemical maker LG Chem rose 1 percent, and top automaker Hyundai Motor climbed 0.9 percent.

Top pharmaceutical firm Samsung Biologics gained 0.4 percent, and Celltrion advanced 0.84 percent.

The local currency was trading at 1,184.7 won against the US dollar, up 4.4 won from the previous session’s close. (Yonhap)

Read More Here...

Bookmark the permalink.

Comments are closed.