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Seoul stocks open higher on trade deal hopes

Stocks 09:42 April 05, 2019

SEOUL, April 5 (Yonhap) -- South Korean shares opened higher Friday amid growing expectations that the United States and China will reach a trade agreement.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.29 points, or 0.33 percent, to 2,213.82 in the first 15 minutes of trading.

Investor sentiment was buoyed on reports that the U.S. and China are edging towards an agreement to end a long-running row. High-level talks between the world's top two economies resumed Wednesday in Washington and are under way.

Foreigners and institutions bought a combined 19 billion won (US$17 million) worth of stocks, offsetting stock selling worth 18 billion won by individuals.

Tech, auto and steel stocks led gains, with market bellwether Samsung Electronics Co. rising 0.43 percent, top carmaker Hyundai Motor Co. climbing 1.21 percent and leading steelmaker POSCO gaining 1.29 percent.

Among decliners, national flag carrier Korean Air Lines Co. fell 0.31 percent and state-run utility Korea Electric Power Corp. shed 1.16 percent.

The Korean won was trading at 1,135.80 won against the U.S. dollar, up 0.50 won from the previous session's close.


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