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Seoul stocks open tad higher on stimulus hopes

All News 09:33 August 10, 2020

SEOUL, Aug. 10 (Yonhap) -- South Korean shares opened slightly higher Monday, as investors weighed speculations on the U.S. stimulus package.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.44 points, or 0.15 percent, to 2,355.11 in the first 15 minutes of trading.

The index got off to a muted start, following a weeklong advance last week. Last week, the index rose by nearly 5 percent on hopes for additional stimulus measures in the U.S.

Investor caution grew on tech shares amid increased U.S. warnings against popular Chinese apps, such as TikTok and WeChat, over national security reasons.

Large caps traded mixed in Seoul.

Market bellwether Samsung Electronics gained 0.70 percent, but No. 2 chipmaker SK hynix retreated 0.50 percent.

Top pharmaceutical firm Samsung Biologics lost 1.04 percent, while Celltrion gained 1.91 percent.

Leading chemical maker LG Chem lost 3.22 percent, and Hyundai Motors, the country's top automaker, spiked 7.14 percent.

The local currency was trading at 1,188.05 won against the U.S. dollar, down 3.35 won from the previous session's close.


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