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Seoul shares open sharply higher on Wall Street gains

All News 09:29 January 03, 2020

SEOUL, Jan. 3 (Yonhap) -- South Korean stocks opened sharply higher Friday tracking overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) added 26.35 points, or 1.21 percent, to 2,201.52 in the first 15 minutes of trading.

U.S. stocks rose to fresh highs on the first trading day of the new year following the news that China's central bank opted to stimulate the economy by adding more liquidity in the financial market.

The Dow Jones Industrial Average advanced 0.9 percent to 28,868.80, while the Nasdaq composite jumped 1.3 percent to close at 9,092.19.

In Seoul, most big-name shares got off to a strong start.

Top cap Samsung Electronics jumped 2.36 percent, and No. 2 memory chip maker SK hynix surged 2.75 percent.

South Korea's No. 1 automaker Hyundai Motor gained 0.42 percent, while its auto parts affiliate Hyundai Mobis advanced 0.61 percent.

Leading chemical firm LG Chem added 1.27 percent, while top steelmaker POSCO rose 1.48 percent.

The local currency was trading at 1,157.60 won against the U.S. dollar, up 0.5 won from the previous session's close.


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