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Seoul stocks open higher on large cap gains

All News 09:37 June 09, 2020

SEOUL, June 9 (Yonhap) -- South Korean shares opened higher Tuesday on large cap gains led by market kingpin Samsung Electronics after a Seoul court rejected the arrest warrant for Samsung's de facto leader Lee Jae-yong.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.68 points, or 1.13 percent, to 2,208.97 in the first 15 minutes of trading.

Hopes of an economic recovery continued to boost investor sentiment, while the court's rejection of the arrest warrant for Lee further improved their outlook on future conditions.

Lee is under an investigation over a controversial merger of two Samsung affiliates in 2015, a key process in his takeover of Samsung Group from his ailing father, Lee Kun-hee.

Samsung Electronics alone accounts for more than 22 percent of the main index's market cap.

Most large caps traded in positive terrain.

Samsung Electronics spiked 2 percent, while No. 2 chipmaker SK hynix slipped 0.66 percent.

Top pharmaceutical firm Samsung BioLogics climbed 1.96 percent, with leading chemical maker LG Chem advancing 1.04 percent.

The local currency was trading at 1,196.90 won against the U.S. dollar, up 7.9 won from the previous session's close.


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