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Seoul stocks open higher on Wall Street gains

All News 09:26 June 08, 2020

SEOUL, June 8 (Yonhap) -- South Korean shares opened higher Friday, tracking gains on Wall Street that followed an estimate-beating jobs report in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.62 points, or 0.81 percent, to 2,199.49 in the first 15 minutes of trading.

The gains were largely attributed to a drop in the U.S. unemployment rate in May, possibly suggesting an economic recovery.

The Dow Jones Industrial Average jumped 829.16 points, or 3.15 percent, to close at 27,110,98 on Friday (New York time), pinning high hopes for a quick recovery.

The tech-heavy NASDAQ and S&P advanced 2.06 percent and 2.62 percent, respectively.

The U.S. is one of South Korea's largest trade partners.

In Seoul, large caps traded mixed.

Market bellwether Samsung Electronics gained 0.36 percent, and No. 2 chipmaker SK hynix climbed 1.66 percent.

Top pharmaceutical firm Samsung Biologics slid 0.90 percent, while leading chemical maker LG Chem spiked 2.65 percent.

The local currency was trading at 1,203.15 won against the U.S. dollar, up 3.95 won from the previous session's close.


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