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Seoul stocks open higher on another Wall Street rally

All News 09:38 November 06, 2020

SEOUL, Nov. 6 (Yonhap) -- South Korean shares opened higher Friday, as investor sentiment was boosted by an overnight rally on Wall Street caused by eased uncertainties over the U.S. presidential election.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.34 points, or 0.59 percent, to 2,428.13 in the first 15 minutes of trading.

Stocks continued to fare strong after a four-session winning streak, as investors pinned hopes that stocks will advance after the U.S. election.

Overnight, the tech-heavy Nasdaq composite jumped 2.59 percent, and both the Dow Jones Industrial Average and the S&P 500 advanced 1.95 percent.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 0.5 percent, with No. 2 chipmaker SK hynix gaining 0.93 percent.

Pharmaceutical giant Samsung Biologics retreated 0.64 percent, while Celltrion gained 0.74 percent.

Leading chemical firm LG Chem spiked 4.28 percent, and Hyundai Motor, the country's largest carmaker, moved up 0.29 percent.

Internet portal giant Naver climbed 2.34 percent, and its rival Kakao advanced 4.27 percent.

The local currency was trading at 1,123.85 won against the U.S. dollar, up 4.35 won from the previous session's close.

jwc@yna.co.kr
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