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Seoul stocks open higher on Wall Street gains

All News 09:31 June 03, 2020

SEOUL, June 3 (Yonhap) -- South Korean shares opened sharply higher Wednesday, taking a cue from overnight Wall Street gains amid hopes of economic reopening and eased Sino-American political turmoil.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.86 points, or 1.57 percent, to 2,120.05 in the first 15 minutes of trading.

The Dow Jones Industrial Average advanced 267.63 points, or 1.05 percent, to close at 25,742.65 on Tuesday (New York time).

Such an advance followed reports of a reduction of friction between the United States and China over the latter's passing of the new national security law that could undermine Hong Kong's autonomy.

The latest reports suggested China continued to import soybeans from the United States, a key component in their trade deal signed January, dismissing earlier reports that Beijing may be pressuring its state-run importers to stop purchasing American products.

In Seoul, large caps mostly traded higher.

Market bellwether Samsung Electronics surged 1.75 percent, while No. 2 chipmaker SK hynix advanced 0.84 percent.

Top pharmaceutical firm Samsung BioLogics climbed 0.48 percent, with leading chemical maker LG Chem added 1.01 percent.

The local currency was trading at 1,217.65 won against the U.S. dollar, up 7.75 won from the previous session's close.


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