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Seoul stocks open higher on hopes of economic recovery

All News 09:23 May 21, 2020

SEOUL, May 21 (Yonhap) -- South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street apparently backed by hopes of an economic recovery.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.15 points, or 0.66 percent, to 2,002.79 in the first 15 minutes of trading.

The Dow Jones Industrial Average surged 369.04 points, or 1.52 percent, to close at 24,575.90 on Wednesday (U.S. time).

Hopes of a quick economic recovery sparked the stock market rally with virus-related restrictions removed or at least partially eased in all 50 states of the world's largest economy as of Wednesday.

Most large caps were in positive terrain.

Market bellwether Samsung Electronics added 0.40 percent, with No. 2 chipmaker SK hynix gaining 0.12 percent.

Top pharmaceutical company Samsung BioLogics lost 0.50 percent, but leading automaker Hyundai Motor rose 0.10 percent.

The local currency was trading at 1,227.75 won against the U.S. dollar, up 2.55 won from the previous session's close.


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