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Seoul shares open higher on summit hope

All News 09:34 May 23, 2022

SEOUL, May 23 (Yonhap) -- South Korean stocks open higher Monday, buoyed by the anticipation that the outcome of the South Korea-U.S. summit will give a boost to key industrial sectors.

The Korea Composite Stock Price Index (KOSPI) rose 6.88 points, or 0.26 percent, to trade at 2,646.17 in the first 15 minutes of trading.

In a joint statement issued after the summit between Presidents Yoon Suk-yeol and Joe Biden on Saturday, the two countries agreed to enhance cooperation in various sectors, from semiconductors, electric vehicle batteries, and artificial intelligence to nuclear energy and space technologies.

On Sunday, Hyundai Motor Group Chair Euisun Chung announced an additional US$5 billion investment in robotics, urban air mobility, software and others in the United States after unveiling a $5.54 billion project to build a dedicated electric vehicle and car battery manufacturing plant in one of the world's most important auto markets.

Tech and auto large-caps drove up the KOSPI, led by market heavyweight Samsung Electronics climbing about 0.4 percent and top battery maker LG Energy Solution gaining more than 1 percent. Chip giant SK hynix also rose 0.9 percent.

Hyundai Motor also advanced 0.5 percent, with bio firm Celltrion gaining nearly 1.4 percent.

In contrast, platform operator Kakao was down about 0.12 percent, and major banking firm KB Financial slid 0.5 percent.

The local currency had been trading at 1,269.30 won against the U.S. dollar as of 9:15 a.m., down 1.2 won from Friday's close.


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