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Seoul stocks open higher on dovish tone at latest Fed meeting

All News 09:26 January 10, 2019

SEOUL, Jan. 10 (Yonhap) -- Seoul shares opened higher Thursday, tracking gains on Wall Street, with investors cheering the dovish tone in the minutes of the latest U.S. Federal Reserve meeting.

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.

The Fed minutes showed that policymakers took a cautious approach to additional interest-rate hikes in line with Fed Chairman Jerome Powell's tone last week.

Foreigners bought a net 47.38 billion won (US$42 million) worth of stocks, offsetting 46.22 billion won worth of stock selling by institutions and individuals.

Investors are keen to see what results the U.S. and China will come up with in their ongoing trade talks, as they are poised to take a cue in their investment portfolios depending on the outcome.

Tech stocks led gains, with market bellwether Samsung Electronics Co. rising 0.13 percent and No. 2 chipmaker SK hynix Inc. climbing 1.26 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 1.63 percent and leading steelmaker POSCO declined 1.17 percent.

The local currency was trading at 1,118.70 won against the U.S. dollar, up 3.40 won from the previous session's close.


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