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Seoul stocks open higher on blue chip gains

All News 09:42 June 04, 2018

SEOUL, June 4 (Yonhap) -- South Korean stocks opened higher Monday as local investors scooped up market heavyweights to offset foreign selling.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.62 points, or 0.26 percent, to 2,445.58 in the first 15 minutes of trading.

Steel shares gained on hopes for development projects in North Korea as preparations were underway for United States President Donald Trump's summit with North Korean leader Kim Jong-un in Singapore.

Top steelmaker POSCO rose 1.62 percent, and its smaller rival Hyundai Steel advanced 1.46 percent.

Tech shares were mixed after Chinese media reported that Beijing was investigating Chinese branch offices of Samsung Electronics and SK Hynix amid continued price increases for memory chips in the Chinese market.

Market kingpin Samsung Electronics fell 0.58 percent, and SK hynix, a major chipmaker, edged up 0.33 percent.

The national currency was trading at 1,069.7 won against the U.S. dollar, up 5.3 won from the previous session's close.


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