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Seoul stocks open high amid signs of progress in U.S.-China talks

All Headlines 09:39 January 09, 2019

SEOUL, Jan. 9 (Yonhap) -- Seoul shares opened higher Wednesday, tracking gains on Wall Street, amid signs of progress in the ongoing U.S.-China trade negotiations.

The benchmark Korea Composite Stock Price Index rose 13.83 points, or 0.68 percent, to reach 2,039.10 in the first 15 minutes of trading.

This week's meetings are the first face-to-face talks between the world's two largest economies since U.S. President Donald Trump and Chinese President Xi Jinping reached a 90-day ceasefire agreement after their trade war troubled global financial markets.

"Talks with China are going very well!" Trump tweeted without elaborating as negotiations wound down late Tuesday in Beijing.

Foreigners bought a net 26.54 billion won (US$24 million) worth of stocks, offsetting 24.87 billion won worth of stock selling by institutions and individuals.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. rose 1.57 percent, No. 2 chipmaker SK hynix Inc. climbed 1.86 percent, leading steelmaker POSCO climbed 2.24 percent and top carmaker Hyundai Motor Co. gained 2.93 percent.

Among decliners, leading chemical firm LG Chem Ltd. fell 0.57 percent and state-run utility Korea Electric Power Corp. declined 1.41 percent.

The local currency was trading at 1,122.60 won against the U.S. dollar, up 1.50 won from the previous session's close.

kyongae.choi@yna.co.kr
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