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Seoul shares open higher on oil rebound

All News 09:26 January 25, 2016

SEOUL, Jan. 25 (Yonhap) -- South Korean shares opened higher on Monday as investors' sentiment was boosted by a recovery in oil prices from multiyear lows and the subsequent gains on Wall Street last week.

The benchmark Korea Composite Stock Price Index (KOSPI) added 7.13 points, or 0.38 percent, to 1,886.56 in the first 15 minutes of trading.

On Friday, oil prices rebounded from 13-year lows logged early last week thanks mainly to a cold snap in Europe and the United States, which offset lingering concerns over a global economic slowdown. The Dow Jones industrial average advanced 1.33 percent, and the Nasdaq composite index surged 2.66 percent.

Chemicals and refiners led the gains, though losses in tech shares limited the upturn.

LG Chem grew 1.15 percent, and S-Oil surged 2.0 percent.

But market bellwether Samsung Electronics shed 0.34 percent, and Taihan Electric Wire, the country's No. 1 electrical materials manufacturers, tumbled 5.13 percent.

The local currency was trading at 1,197.05 won against the U.S. dollar as of 9:15 a.m., up 3.05 won from Friday's close.


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