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Seoul stocks open higher on U.S. Fed's cautious stance

All News 09:30 August 30, 2021

SEOUL, Aug. 30 (Yonhap) -- South Korean stocks opened higher Monday as investors are relieved by the U.S. Federal Reserve's cautious stance about withdrawing its ultra-easing monetary policy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.7 points, or 0.53 percent, to trade at 3,150.6 points in the first 15 minutes of trading.

The KOSPI advanced, following Fed Chairman Jerome Powell's Friday address that the Fed could begin tapering its asset purchases this year, but that the move should be made separately from raising interest rates.

Most tech stocks opened higher, while bank shares got off to a weak start.

In Seoul, market bellwether Samsung Electronics edged down 0.13 percent, and No. 2 chipmaker SK hynix added 0.97 percent.

Internet portal operator Naver moved up 1.55 percent, but giant pharmaceutical firm Samsung Biologics lost 0.32 percent.

Top automaker Hyundai Motor advanced 0.96 percent, while leading chemical firm LG Chem shed 0.26 percent. Top bank stock Kakao Bank retreated 1.19 percent.

The local currency was trading at 1,164.4 won against the U.S. dollar, up 4.8 percent from the previous session's close.

jwc@yna.co.kr
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