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Seoul stocks open sharply higher on overnight Wall Street rally

All News 09:25 August 04, 2020

SEOUL, Aug. 4 (Yonhap) -- South Korean shares opened sharply higher Tuesday, tracking an overnight Wall Street rally led by economic rebound hopes.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.35 points, or 1.04 percent, to 2,274.39 in the first 15 minutes of trading.

Estimate-beating July manufacturing data in the United States, China and Europe raised hopes for a global economic rebound, despite the global rise in new coronavirus infections.

The NASDAQ Composite advanced 1.47 percent to a fresh record of 10,902.80 on Monday (New York time). The Dow Jones Industrial Average and S&P 500 advanced 0.89 percent and 0.72 percent, respectively.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 0.88 percent, with No. 2 chipmaker SK hynix climbing 0.24 percent.

Top pharmaceutical firm Samsung BioLogics gained 0.41 percent, and Celltrion gained 1.17 percent.

Leading chemical maker LG Chem hiked 1.57 percent, and giant automaker Hyundai Motor jumped 3.15 percent.

Internet giant Naver stayed flat, with its rival Kakao adding 1.78 percent.

The local currency was trading at 1,193.30 won against the U.S. dollar, up 0.10 won from the previous session's close.


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