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Stocks open higher on eased U.S. rate hike concern

All News 09:19 September 05, 2016

SEOUL, Sept. 5 (Yonhap) -- South Korean stocks got off to a strong start on Monday on speculation that the U.S. Federal Reserve may delay its much-awaited rate hike.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 15.97 points, or 0.78 percent, to 2,054.28 in the first 15 minutes of trading.

U.S. stocks ended higher on Friday after weaker than expected job data for August eased concerns over an imminent rate hike in the world's largest economy.

Most large caps traded mixed with market kingpin Samsung Electronics rising 0.13 percent.

Top automaker Hyundai Motor gained 1.85 percent, and top steelmaker POSCO rose 1.95 percent.

Naver, the operator of the country's top internet portal, advanced 1.68 percent.

The local currency was trading at 1,110.55 won against the U.S. dollar, up 6.65 won from the previous session's close.


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