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Seoul shares open higher on gains by chipmakers

All News 09:26 July 04, 2018

SEOUL, July 4 (Yonhap) -- Seoul stocks opened higher Wednesday as foreign buying of chipmakers offset declines in other stocks amid uncertainties surrounding a possible trade dispute between the U.S. and China.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.54 points, or 0.16 percent, to 2,276.30 in the first 15 minutes of trading.

Foreigners bought a net 52 billion won (US$47 million) worth of stocks, offsetting a combined selling of 53 billion won in shares by institutions and individuals.

Tech shares led the gains, with market bellwether Samsung Electronics Co. rising 1.52 percent and No. 2 chipmaker SK hynix Inc. climbing 0.93 percent.

But top carmaker Hyundai Motor Co. fell 1.23 percent and leading steelmaker POSCO shed 0.80 percent and No. 1 refiner SK Innovation Co. declined 0.27 percent.

The South Korean currency was trading at 1,115.20 won against the U.S. dollar, up 3.50 won from the previous session's close.

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