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Seoul stocks open higher on Biden effect

All News 09:27 November 09, 2020

SEOUL, Nov. 9 (Yonhap) -- South Korean shares opened higher Monday on tech and battery gains, following Joe Biden's victory in the U.S. presidential election.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.21 points, or 0.88 percent, to 2,437.71 in the first 15 minutes of trading.

The market got off to a strong start after a five-session winning streak, as investors pinned hopes that a Biden presidency and Republican-controlled Senate would benefit the local chip and battery suppliers.

Most large caps traded higher in Seoul.

Market bellwether Samsung Electronics added 0.67 percent, with No. 2 chipmaker SK hynix gaining 0.7 percent.

Leading chemical firm LG Chem advanced 1.53 percent, and rechargeable battery maker Samsung SDI jumped 3.61 percent.

Pharmaceutical giant Samsung Biologics retreated 2.32 percent, while Celltrion gained 1.98 percent.

Hyundai Motor, the country's largest carmaker, moved up 1.17 percent.

Internet portal giant Naver climbed 1.53 percent, and its rival Kakao edged up 0.27 percent.

The local currency was trading at 1,118.95 won against the U.S. dollar, up 1.45 won from the previous session's close.

jwc@yna.co.kr
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