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Seoul stocks open higher on eased U.S.-China trade war

All News 09:30 December 12, 2018

SEOUL, Dec. 12 (Yonhap) -- South Korean stocks opened higher Wednesday on hopes for progress in trade talks between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) added 16.12 points, or 0.79 percent, to reach 2,069.09 in the first 15 minutes of trading.

China is moving to cut tariffs on cars made in the U.S., and its telecom giant Huawei Technologies' chief financial officer was released after being detained in Canada, positive signs that the trade talks between Washington and Beijing are making progress, according to experts.

Most blue chips gathered ground, with tech and auto shares leading the upturn.

Market bellwether Samsung Electronics Co. was up 0.5 percent, and SK hynix advanced 0.92 percent.

Leading automaker Hyundai Motor spiked 4.04 percent, and Kia Motors increased 1.43 percent.

Big-cap bio shares were mixed. Pharmaceutical giant Celltrion added 1.36 percent on bargain hunting, while Samsung BioLogics lost 1.65 percent following a surge in the previous session.

The local currency was trading at 1,127.50 won against the U.S. dollar, up 2.6 won from the previous session's close.


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