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S. Korean shares open higher on tech, steel gains

All News 09:24 March 02, 2016

SEOUL, March 2 (Yonhap) -- South Korean stocks started higher Wednesday on the back of gains for technology firms and steelmakers.

The benchmark Korea Composite Stock Price Index (KOSPI) shot up 27.39 points, or 1.43 percent, to 1,944.05 in the first 15 minutes of trading.

Tech shares opened higher, with top market cap Samsung Electronics moving up 2.12 percent and global chipmaker SK hynix increasing 2.67 percent. No. 2 tech giant LG Electronics advanced 0.92 percent.

Steelmakers were also gainers, with No. 1 POSCO rising 4.28 percent and Korea Zinc adding 2.58 percent. The country's No. 2 steelmaker Hyundai Steel added 2.34 percent.

The local currency was trading at 1,231.7 won against the U.S. dollar, up 5 won from Monday's close. South Korea's financial markets were closed on Tuesday for the 97th anniversary of the March 1 Independence Movement.


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