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Seoul stocks open higher on progress in U.S. stimulus moves

All News 09:25 August 05, 2020

SEOUL, Aug. 5 (Yonhap) -- South Korean stocks opened higher Wednesday, tracking overnight gains from Wall Street, as investor sentiment was buoyed by progress in U.S. stimulus moves.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 6.67 points, or 0.29 percent, to 2,286.64 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average moved up 0.62 percent, while the tech-heavy Nasdaq Composite added 0.35 percent.

U.S. lawmakers have been making efforts to reach an agreement on new stimulus packages to rekindle its virus-hit economy.

The falling number of new COVID-19 patients in the world's top economy also helped investor sentiment. The number of daily new virus cases hovered below 50,000 for two consecutive days in the United States.

In Seoul, blue-chip shares traded mixed across the board.

Market kingpin Samsung Electronics fell 0.52 percent ahead of the showcase of its new mobile devices later in the day.

Home appliances giant LG Electronics lost 0.9 percent, and No. 2 chipmaker SK hynix decreased 0.74 percent.

Leading carmaker Hyundai Motor added 1.51 percent, and its auto parts arm Hyundai Mobis gained 1.51 percent.

Hanmi Pharmaceutical shot up by the daily permissible limit of 29.91 percent. The company said on Tuesday it has exported technology for a liver treatment drug material to global drugmaker Merck Sharp & Dohme (MSD).

The local currency was trading at 1,191.80 won against the U.S. dollar, up 2.30 won from the previous session's close.

colin@yna.co.kr
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