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Seoul stocks open higher on upcoming U.S.-China trade deal

All News 09:27 January 10, 2020

SEOUL, Jan. 10 (Yonhap) -- South Korean stocks opened higher Friday ahead of a trade deal between the United States and China set to be signed next week that could mark an initial end to the prolonged trade dispute between the world's largest economies.

The benchmark Korea Composite Stock Price Index (KOSPI) added 10.16 points, or 0.46 percent, to reach 2,196.61 in the first 15 minutes of trading.

The rise came ahead of a Chinese trade delegation's scheduled visit to Washington next week to sign the so-called phase-one trade deal between the world's top two economies.

The eased concerns over the geopolitical tension in the Middle East also led to optimism. Responding to Iran's missile attacks on U.S. military bases in Iraq, U.S. President Donald Trump said Washington will retaliate with economic sanctions instead of military attacks.

Most large caps were in positive terrain in Seoul.

Top market cap Samsung Electronics rose 1.71 percent, and its smaller rival LG Electronics moved up 0.9 percent. No. 2 chipmaker SK hynix moved up 0.61 percent.

Leading chemical firm LG Chem gained 0.16 percent, and top cosmetics maker AmorePacific rose 1.89 percent.

No. 1 carmaker Hyundai Motor rose 1.35 percent, and its auto parts affiliate Hyundai Mobis increased 0.41 percent. Kia Motors added 0.12 percent.

The local currency was trading at 1,160.35 won to the dollar, down 1.25 won from the previous session's close.


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