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Seoul stocks open higher on eased trade woes, Korean won surges

All Headlines 09:25 August 14, 2019

SEOUL, Aug. 14 (Yonhap) -- Seoul stocks opened higher Wednesday, tracking overnight Wall Street gains prompted by the United States' decision to delay tariffs on some Chinese goods. The Korean won also rallied against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.87 points, or 1.08 percent, to 1,946.70 in the first 15 minutes of trading.

Washington said on Tuesday (local time) that it would delay imposing tariffs on some imported Chinese goods that were set to go effect into next month, a move that abated tension between the world's two largest economies in their protracted trade war.

The Dow Jones industrial average advanced 1.44 percent, and the tech-heavy Nasdaq jumped 1.95 percent.

In Seoul, most large-cap stocks gained ground across the board, led by tech shares.

Market bellwether Samsung Electronics rose 2.09 percent, while No. 2 chipmaker SK hynix soared 3.76 percent. LG Electronics was up 2.43 percent.

No. 1 automaker Hyundai Motor jumped 1.16 percent, while POSCO, South Korea's top steelmaker, inched up 1.46 percent. LG Chem, the nation's largest chemical company, surged 2.43 percent.

The local currency was trading at 1,209.40 won against the U.S. dollar, sharply up 12.80 won from the previous session's close.


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