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Seoul stocks open higher on U.S., China rally

All News 09:31 July 07, 2020

SEOUL, July 7 (Yonhap) -- South Korean stocks opened higher Tuesday, tracking an overnight stock rally in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.41 points, or 0.75 percent, to 2,204.34 in the first 15 minutes of trading.

Investor sentiment was boosted by hopes of the global economic recovery, buoyed by bullish stock gains in the United States and China.

On Monday, the Shanghai Composite Index spiked 5.71 percent, the steepest hike since 2015, after Chinese state media emphasized the need for a "healthy" bull market.

The Nasdaq composite also jumped 2.2 percent Monday (New York time), setting another record at 10,433.65.

Most large-cap shares in Seoul traded higher.

Tech giant Samsung Electronics stayed flat. The company's April-June earnings guidance is set to be released later in the day.

No. 2 chipmaker SK hynix added 0.93 percent.

Internet giant Naver advanced 0.89 percent, and its rival Kakao surged 3 percent.

Top pharmaceutical firm Samsung BioLogics climbed 0.53 percent, with leading chemical maker LG Chem spiking 3.54 percent.

The local currency was trading at 1,190.55 won against the U.S. dollar, up 5.25 won from the previous session's close.


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