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Seoul shares open higher on dip-buying

All News 09:26 September 02, 2022

SEOUL, Sept. 2 (Yonhap) -- South Korean shares opened higher Friday, following a big drop in the previous session, amid lingering concerns over the U.S. rate hikes and a global economic slowdown.

The benchmark Korea Composite Stock Price Index (KOSPI) added 8.02 points, or 0.33 percent, to trade at 2,423.63 points as of 9:15 a.m.

The index tumbled more than 2 percent Thursday, as investors were worried about the U.S. Federal Reserve's aggressive monetary tightening to tame inflation.

Overnight, U.S. shares ended mixed. The Dow Jones Industrial Average rose 0.46 percent, and the tech-heavy Nasdaq shed 0.26 percent.

In Seoul, tech and bio shares gathered ground on bargain hunting.

Market bellwether Samsung Electronics inched up 0.17 percent, and No. 2 chipmaker SK hynix added 0.54 percent.

Leading car battery maker LG Energy Solution surged 2.05 percent, and top chemical firm LG Chem remained flat.

Samsung Biologics, the biotech arm of South Korea's Samsung Group, advanced 1.45 percent, and pharmaceutical giant Celltrion increased 1.07 percent.

Carmakers also rose, with Hyundai Motor surging 3.32 percent, and its smaller affiliate Kia climbing 2.12 percent.

But steelmakers lost ground, with POSCO Holdings shedding 2.37 percent.

The local currency was trading at 1,354.75 won against the U.S. dollar, up 0.15 won from the previous session's close.


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