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Seoul stocks open sharply higher on Wall Street gains

All News 09:24 March 31, 2020

SEOUL, March 31 (Yonhap) -- South Korean stocks opened sharply higher Tuesday, apparently tracking overnight gains on Wall Street amid massive and drastic stimulus measures around the globe to minimize the economic fallout from the spread of the new coronavirus.

The benchmark Korea Composite Stock Price Index (KOSPI) added 23.21 points, or 1.35 percent, to 1,740.33 in the first 15 minutes of trading.

The strong start follows overnight gains on Wall Street that came on the hope of economic stimulus steps.

The Dow Jones Industrial Average spiked 3.19 percent to close at 22,327.48 on Monday (New York time).

In Seoul, most large caps were bullish.

Market kingpin Samsung Electronics added 0.52 percent, while No. 2 chipmaker SK hynix surged 1.19 percent.

Leading automakers Hyundai Motor and Kia Motors spiked 2.22 percent and 2.81 percent, respectively.

The local currency was trading at 1,221.40 won against the U.S. dollar, up 3.0 won from the previous session's close.


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