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Seoul stocks start higher on OPEC deal to cut output

All News 09:22 September 29, 2016

SEOUL, Sept. 29 (Yonhap) -- South Korean shares opened up Thursday as OPEC member countries agreed on a preliminary deal to cut oil output, a move that would reduce production for the first time in eight years.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.75 percent, to 2,068.43 in the first 15 minutes of trading.

Most large caps traded higher with market kingpin Samsung Electronics rising 1.08 percent.

Top automaker Hyundai Motor gained 0.72 percent, and top steelmaker POSCO inched up 0.65 percent.

The local currency was trading at 1,092.35 won against the U.S. dollar, up 4.45 won from the previous session's close.

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