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Seoul shares open higher as US Treasury yields slide

Oct. 24, 2023 - 09:44 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened higher Tuesday as US Treasury yields took a breather after soaring in the past few days.

The benchmark Korea Composite Stock Price Index added 7.77 points, or 0.33 percent, to 2,364.79 in the first 15 minutes of trading.

Overnight, Wall Street ended mixed as US Treasury yields dropped after hitting 5 percent and investors awaited earnings reports from tech giants, including Microsoft Corp., Alphabet Inc. and, later this week.

In Seoul, market bellwether Samsung Electronics added 0.29 percent, and SK hynix, the country's No. 2 chipmaker, gained 1.53 percent.

Bio and IT shares got off to a strong start.

Samsung Biologics soared 3.14 percent, and Celltrion jumped 2.35 percent.

Internet portal operator Naver also shot up 2.75 percent, and Kakao, the operator of the country's top mobile messenger, advanced 2.24 percent.

Battery shares, however, started weak.

Industry leader LG Energy Solution dropped 1.26 percent, Samsung SDI lost 0.95 percent, and Posco Future M inched down 0.17 percent.

Auto shares were mixed, with Hyundai Motor down 0.49 percent and its smaller affiliate Kia up 0.12 percent.

The local currency was trading at 1,345.30 won against the US dollar at 9:15 a.m., up 8.4 won from the previous session's close. (Yonhap)