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Seoul shares open higher on U.S. stimulus measure

All News 09:37 April 10, 2020

SEOUL, April 10 (Yonhap) -- South Korean shares opened higher Friday as investor sentiment improved over the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.69 points, or 0.15 percent, to 1,838.90 in the first 22 minutes of trading.

The main index tracked overnight gains on Wall Street. The Dow Jones Industrial Average rose 1.22 percent, and the tech-heavy Nasdaq composite index gained 0.77 percent.

U.S. stocks rose after the U.S. Federal Reserve unveiled programs worth US$2.3 trillion to help the world's No. 1 economy hit hard by the COVID-19 pandemic.

"The Fed's provision of liquidity programs that also include junk bonds improved investor sentiment," Huh Jae-hwan, a strategist at Eugene Investment Co., said.

In Seoul, most large-cap stocks traded mixed across the board.

Market bellwether Samsung Electronics Co. fell 0.51 percent, and No. 2 chipmaker SK hynix Inc. was down 1.53 percent.

Among gainers, top carmaker Hyundai Motor Co. rose 3.50 percent, and leading pharmaceutical firm Samsung BioLogics was up 6.79 percent.

The local currency was trading at 1,213.95 won against the U.S. dollar, up 5.50 won from the previous session's close.

entropy@yna.co.kr
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