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Seoul stocks open higher on trade deal hopes

All Headlines 09:28 November 08, 2019

SEOUL, Nov. 8 (Yonhap) -- South Korean stocks opened higher Friday as investor sentiment was buoyed by reports the two sides agreed on tariff rollbacks as part of a "phase one" trade agreement.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.06 points, or 0.52 percent, to reach 2,155.35 in the first 15 minutes of trading.

The main index has gone up in the past six sessions, posting a 3.1 percent gain, amid hopes of at least a partial trade deal between the world's two largest economies.

Tech, auto and steel stocks led gains.

Market bellwether Samsung Electronics Co. added 0.6 percent, top carmaker Hyundai Motor Co. climbed 0.4 percent, and leading steelmaker POSCO gained 2.8 percent.

Among decliners, the country's leading search engine Naver fell 1.5 percent, the state-run Korea Electric Power Corp. declined 0.7 percent, and cosmetics giant AmorePacific Corp. shed 3.7 percent.

The local currency was trading at 1,154.55 won against the U.S. dollar, up 4.75 won from Thursday's close.

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