Seoul stocks open higher despite Wall Street losses

SEOUL, March 4 (Yonhap) -- South Korean stocks opened higher Wednesday, bucking overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.38 points, or 0.86 percent, to 2,031.53 in the first 16 minutes of trading.

The U.S. stock market closed lower despite a surprise rate cut by the Federal Reserve.

The Fed slashed interest rates by half a percentage point in an apparent move to mitigate the economic fallout from the coronavirus outbreak.

In Seoul, however, large caps had a solid start.

Market bellwether Samsung Electronics rose 1.08 percent, while No. 2 chipmaker SK hynix remained flat.

Leading automaker Hyundai Motor gained 0.89 percent, while auto parts maker Hyundai Mobis advanced 1.47 percent.

The local currency was trading at 1,186.95 won against the U.S. dollar, up 8.25 won from the previous session's close.

entropy@yna.co.kr
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