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Seoul stocks open higher on eased US-China tension worries

All News 09:33 June 01, 2020

SEOUL, June 1 (Yonhap) -- South Korean stocks opened higher Monday, buoyed by the milder-than-expected U.S. countermeasures against China's passing of the national securities law on Hong Kong.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.83 points, or 0.73 percent, to 2,044.43 in the first 15 minutes of trading.

The gains were largely attributed to a recent announcement by U.S. President Donald Trump. The U.S. president's sanctions against Chinese and Hong Kong officials came with harsh rhetoric yet lacked specifics, leaving room for a future de-escalation of the tensions.

In Seoul, most large caps traded higher.

Market bellwether Samsung Electronics gained 0.39 percent, while No. 2 chipmaker SK hynix advanced 1.1 percent.

Top pharmaceutical firm Samsung BioLogics climbed 0.32 percent, with leading chemical maker LG Chem adding 0.26 percent.

The local currency was trading at 1,229.40 won against the U.S. dollar, up 9.1 won from the previous session's close.


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