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Seoul stocks open higher on tech gains, weak dollar

All News 09:32 July 30, 2020

SEOUL, July 30 (Yonhap) -- South Korean shares opened higher Thursday, led by the estimate-beating earnings of top-cap Samsung Electronics and the weak U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.05 points, or 0.62 percent, to 2,277.21 in the first 15 minutes of trading.

Samsung Electronics' better-than-expected quarterly earnings led the KOSPI's gain.

The world's largest memory chipmaker's operating profit in April-June grew 23.5 percent on-year, beating the market consensus by two digits.

Internet giant Naver's record high 79.7 percent hike in operating profit also boosted investor sentiment for shares of contact-free businesses.

In addition, the weak U.S. greenback set favorable ground for export-intensive shares, such as auto and auto parts makers.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics gained 1.53 percent, and No. 2 chipmaker SK hynix edged up 0.12 percent.

Naver climbed 0.86 percent, with its rival Kakao advancing 1.21 percent.

Hyundai Motor, the country's largest automaker, jumped 2 percent, with its smaller affiliate Kia Motors rising 1.51 percent.

Auto parts maker Hyundai Mobis added 0.47 percent.

Among decliners, top pharmaceutical company Samsung Biologics fell 1.48 percent, with Celltrion dipping 1.82 percent.

The local currency was trading at 1188.75 won against the U.S. dollar, up 4.35 won from the previous session's close.


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