Seoul stocks open higher as China Evergrande fears ease
Published : Sep 24, 2021 - 09:32
Updated : Sep 24, 2021 - 09:32
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Friday. (Yonhap)
South Korean stocks opened higher Friday on overnight US rebound that stemmed from easing fears over China Evergrande Group's debt crisis.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.37 points, or 0.36 percent, to 3,138.95 points in the first 15 minutes of trading.

Stocks came off to a solid start as investors are monitoring the risks from the massive $310 billion debt of China's Evergrande Group.

Market fears eased somewhat after the giant property developer announced to pay interest to bondholders in China.

Overnight, the Dow Jones Industrial Average advanced 1.48 percent and the tech-heavy Nasdaq composite added 1.04 percent. The S&P 500 gained 1.21 percent.

In Seoul, top cap Samsung Electronics edged up 0.13 percent, and No. 2 chipmaker SK hynix increased 0.47 percent.

Internet portal operator Naver inched up 0.12 percent, while pharmaceutical giant Samsung Biologics lost 0.43 percent.

Leading chemical firm LG Chem shed 1.05 percent, and top automaker Hyundai Motor traded flat. Top bank stock Kakao Bank jumped 3.77 percent.

The local currency was trading at 1,172.05 won against the US dollar, up 3.45 won from the previous session's close. (Yonhap)
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