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Seoul stocks open higher on Wall Street gains

All News 09:25 May 06, 2020

SEOUL, May 6 (Yonhap) -- Seoul stocks opened higher Wednesday, tracking overnight gains on Wall Street amid the new coronavirus pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.51 points, or 1.24 percent, to 1,918.88 in the first 15 minutes of trading.

U.S. stocks advanced for a second straight day Tuesday (local time) as investors bet on a gradual reopening of businesses around the country after coronavirus lockdowns. American stocks also received a boost from a rebound in oil prices.

The Dow Jones Industrial Average gained 0.56 percent to close at 23,883.09, while the Nasdaq rose 1.13 percent to finish at 8,809.12.

In Seoul, most large-cap stocks got off to a solid start.

Market bellwether Samsung Electronics gained 0.62 percent, and No. 2 chipmaker SK hynix rose 1.11 percent.

South Korea's No. 1 automaker, Hyundai Motor, surged 2.51 percent, while auto parts maker Hyundai Mobis advanced 0.88 percent.

Top chemical firm LG Chem jumped 1.11 percent, and leading steelmaker POSCO climbed 0.84 percent.

The local currency was trading at 1,223.10 won against the U.S. dollar, up 6.0 won from the previous session's close.

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