S. Korean stocks open higher on reduced chance for U.S. rate hike

SEOUL, June 7(Yonhap) --South Korean stocks started higher Friday as weaker than expected job data from the U.S. reduced the chance of an imminent rate hike in the world's largest economy.

The benchmark Korea Composite Stock Price Index (KOSPI) added 12.63 points, or 0.64 percent, to 1,998.47 in the first 15 minutes of trading.

The local stock market got off to a strong start as U.S. job data for May has weakened the possibility of a June rate hike by the Federal Reserve.

Top market cap Samsung Electronics advanced 0.94 percent, and global chipmaker SK hynix was up 2.27 percent.

Top steelmaker POSCO stepped up 4.93 percent, and Hyundai Steel also gained 2.29 percent.

Leading oil refiner SK Innovation gained 3.21 percent, and No. 3 S-Oil moved up 1.7 percent.

South Korea's won was trading at 1,163.3 won against the U.S. dollar, sharply up 20.3 won from the previous session.

khj@yna.co.kr
(END)