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Seoul stocks open slightly higher ahead of Trump-Kim summit

All News 09:32 June 12, 2018

SEOUL, June 12 (Yonhap) -- South Korean stocks opened slightly higher Tuesday, as investors are closely monitoring developments in Singapore, where U.S. President Donald Trump and North Korean leader Kim Jong-un are to meet soon.

The benchmark Korea Composite Stock Price Index (KOSPI) added 2.2 points, or 0.09 percent, to 2,472.35 in the first 15 minutes of trading.

Tensions and anticipation are running high heading into the high-stakes first-ever summit between sitting U.S. and North Korean leaders. The historic meeting will kick off at 10 a.m. (Seoul time) at the Capella Hotel on Sentosa Island in the Northeast Asian country.

Overnight, investors on Wall Street were also cautious, sending the Dow Jones industrial average up just 0.02 percent and tech-heavy Nasdaq composite up 0.19 percent.

In Seoul, blue chips were experiencing mixed trade, with bio and auto shares buttressing the index.

Top automaker Hyundai Motor advanced 0.72 percent, and pharmaceutical giant Celltrion jumped 0.94 percent.

But tech shares went down on investor profit-taking. Market bellwether Samsung Electronics shed 0.80 percent, and chip giant SK hynix fell 0.34 percent.

The local currency was trading at 1,076.90 won against the U.S. dollar, down 1.7 won from the previous session's close.

The Capella Hotel on the Island of Sentosa in Singapore (Yonhap)


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