S. Korean shares open higher on US gains

SEOUL, April 21 (Yonhap) -- South Korean stocks opened higher Friday, tracking gains on Wall Street and ahead of major companies' first-quarter earnings reports. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index gained 12.45 points, or 0.58 percent, to 2,161.60 in the first 15 minutes of trading.

The Dow Jones Industrial Average rose 0.85 percent on strong corporate earnings results, with the tech-heavy NASDAQ gaining 0.92 percent.

Foreign and institutional investors increased their stock purchases on bargain hunting amid eased market worries following the U.S.'s decision not to designate South Korea a currency manipulator.

Most blue-chip stocks advanced, with market behemoth Samsung Electronics rising 1.29 percent. Top carmaker Hyundai Motor climbed 0.35 percent, leading steelmaker POSCO was up 2.09 percent and No. 1 cosmetics company AmorePacific advanced 2.61 percent.

On the other hand, utility firm Korea Electric Power Corp. fell 0.23 percent and Samsung Fire & Marine Insurance declined 0.18 percent.

The local currency was trading at 1,138.50 won against the U.S. dollar, up 1.30 won from the previous session's close.

kyongae.choi@yna.co.kr
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