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Seoul shares open higher on foreign buying

All News 09:39 July 06, 2018

SEOUL, July 6 (Yonhap) -- Seoul stocks opened higher Friday as foreign buying offset institutional selling amid growing uncertainties surrounding a possible trade war between the United States and China.

The benchmark Korea Composite Stock Price Index rose 5.39 points, or 0.24 percent, to 2,262.94 in the first 15 minutes of trading.

Foreigners and individuals bought a combined 19 billion won (US$17 million) worth of stocks, offsetting a net selling of 22 billion won worth of shares by institutions.

Auto and steel stocks led gains, with top carmaker Hyundai Motor Co. rising 2.06 percent and leading steelmaker POSCO climbing 1.62 percent.

But market bellwether Samsung Electronics Co. fell 1.41 percent, and No. 2 chipmaker SK hynix Inc. declined 2.20 percent.

Earlier in the day, Samsung Electronics announced its operating profit of 14.8 trillion won in the April-June quarter, up 5.19 percent from 14.07 trillion won a year earlier.

The South Korean currency was trading at 1,121.40 won against the U.S. dollar, down 2.80 won from the previous session's close.


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