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Seoul stocks open up on optimism over U.S.-China trade talks

Stocks 09:43 January 11, 2019

SEOUL, Jan. 11 (Yonhap) -- Seoul shares opened higher Friday as investors expect an easing of the trade war between the United States and China.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.27 points, or 0.45 percent, to reach 2,072.55 in the first 15 minutes of trading.

Foreigners and individuals bought a combined 66 billion won (US$59 million) worth of stocks, slightly offsetting 66 billion-won selling by institutional investors.

Officials from the world's top two economies made upbeat comments after three days of trade talks in Beijing this week.

Chinese officials said the talks had laid the foundation to resolve concerns held by the two countries in the trade war.

Large-cap stocks were mixed across the board.

Market bellwether Samsung Electronics Co. climbed 0.75 percent, but No. 2 chipmaker SK hynix Inc. fell 0.92 percent. Top carmaker Hyundai Motor Co. gained 0.81 percent, but leading steelmaker POSCO shed 0.97 percent.

The local currency was trading at 1,119.70 won against the U.S. dollar, down 1.40 won from the previous session's close.

kyongae.choi@yna.co.kr
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