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Seoul stocks open tad higher on bargain hunting

All News 09:23 June 14, 2016

SEOUL, June 14 (Yonhap) -- South Korean shares opened slightly higher Tuesday as institutional investors went bargain hunting following the previous session's sharp loss, offsetting a foreign sell-off.

The benchmark Korea Composite Stock Price Index (KOSPI) ticked up 0.62 point, or 0.03 percent, to 1.979.68 in the first 15 minutes of trading.

Market bellwether Samsung Electronics was steady and top automaker Hyundai Motor edged up 0.33 percent.

Shipping shares rallied after financial regulators said Monday that creditors may consider a possible merger between the nation's two largest shipping companies upon the completion of their separate restructuring programs.

Hanjin Shipping, South Korea's No. 1 container shipping line, jumped 12.06 percent, and its smaller rival Hyundai Merchant Marine soared 6.53 percent.

U.S. stocks fell for the third straight session on Monday as polls in Britain showed rising support for the country's exit from the European Union ahead of the June 23 referendum.

The local currency was trading at 1,171.3 won against the U.S. dollar, up 2.1 won from the previous session's close.


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