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Seoul stocks open higher on Wall Street gains

All News 09:29 January 08, 2018

SEOUL, Jan. 8 (Yonhap) -- South Korean stocks opened higher Monday, tracking the latest gains on Wall Street that were spurred by the U.S. tax cut package and positive economic data.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.27 points, or 0.13 percent, to 2,500.79 in the first 15 minutes of trading.

Shares across the board were in positive terrain as all three major indices on Wall Street exceeded their previous closing records Friday on growing optimism in regards to corporate tax cuts and generally upbeat jobs data.

No. 1 automaker Hyundai Motor added 0.34 percent, and leading steelmaker POSCO gained 0.27 percent.

Top chemical maker LG Chem rose 0.49 percent.

In contrast, tech shares declined.

Market kingpin Samsung Electronics slipped 0.27 percent, and SK hynix, a major chipmaker, fell 0.78 percent.

The local currency was trading at 1,062.2 won against the U.S. dollar, up 0.5 won from the previous session's close.


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