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Seoul stocks open higher on U.S. jobs data

All News 09:27 May 11, 2020

SEOUL, May 11 (Yonhap) -- South Korean stocks opened higher Monday on less pessimistic jobs data from the United States, which shot up to the highest rate since the Great Depression but still managed to be below market expectations.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.13 points, or 0.67 percent, to 1,958.95 in the first 15 minutes of trading.

The unemployment rate in the U.S. shot up to a whopping 14.7 percent in April, from 4.4 percent posted a month earlier. The dismal data, however, still avoided even worse scenarios suggested by market watchers.

The reopening of businesses around the globe, including several states in the U.S., also buoyed investors' sentiment.

In Seoul, market kingpin Samsung Electronics rose 0.92 percent, and No. 2 chipmaker SK hynix gained 0.12 percent. LG Electronics climbed 0.72 percent.

Top carmaker Hyundai Motor went up 1.9 percent and its auto parts affiliate Hyundai Mobis added 1.42 percent. Kia Motors moved up 2.46 percent.

The local currency was trading at 1,127.85 won against the U.S. dollar, up 2.05 won from the previous session's close.


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