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Seoul stocks open higher on U.S. gains

All News 09:34 June 22, 2021

SEOUL, June 22 (Yonhap) -- South Korean stocks opened higher Tuesday, tracking an overnight U.S. stock rebound that stemmed from investors' speculation that the Fed's tapering timeline may be more gradual than expected.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.95 points, or 0.68 percent, to trade at 3,262.74 points in the first 15 minutes of trading.

The stock index rebounded after dipping 0.83 percent the previous session over the Fed's hawkish pivot last week that increased market worries about an early tapering of its accommodative policies.

Overnight, the Dow Jones Industrial Average rebounded 1.76 percent, following the Fed chairman's assessment that the inflation should move back toward the 2 percent target once the current supply shortage eases.

The tech-heavy Nasdaq Composite and the S&P 500 advanced 0.79 percent and 1.4 percent, respectively.

In Seoul, market bellwether Samsung Electronics increased 0.38 percent, and No. 2 chipmaker SK hynix climbed 0.41 percent.

Internet portal operator Naver lost 0.38 percent, and giant pharmaceutical firm Samsung Biologics decreased 1.29 percent.

Top automaker Hyundai Motor jumped 3.65 percent, and leading chemical firm LG Chem gained 0.73 percent.

The local currency was trading at 1,132.15 won against the U.S. dollar, up 2.55 from the previous session's close.


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