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Seoul shares open higher on foreign buying

All News 09:29 July 05, 2018

SEOUL, July 5 (Yonhap) -- Seoul stocks opened higher Thursday as foreign purchases of chipmakers offset declines in other stocks amid growing uncertainties surrounding a possible trade war between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 72.9 points, or 0.32 percent, to 2,272.75 in the first 15 minutes of trading.

Foreigners bought 66 billion won (US$59 million) worth of stocks, offsetting a combined selling of 65 billion won shares by institutions and individuals.

Tech, auto and steel stocks were lead gainers, with market bellwether Samsung Electronics Co. rising 0.43 percent, top carmaker Hyundai Motor Co. advancing 0.42 percent and leading steelmaker POSCO climbing 0.82 percent.

Among decliners, state-run utility Korea Electric Power Corp. fell 0.62 percent and No. 1 wireless service provider SK Telecom Co. declined 0.22 percent.

The South Korean currency was trading at 1,115.60 won against the U.S. dollar, down 1.10 won from the previous session's close.

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