Seoul share prices started higher on Friday after investors took comfort from European Central Bank‘s stronger-than-expected monetary easing measures.
The benchmark Korea Composite Stock Price Index added 0.84 point, or 0.04 percent, to 1,970.17 in the first 15 minutes of trading. As of 9:40 a.m., the index was trading nearly flat, up 0.08 percent at 1970.84 points.
European Central Bank chief Mario Draghi. (Yonhap)
On Thursday, the ECB unveiled measures for cutting all its interest rates and expanding the scope of its bond-buying program. The bank chief, Mario Draghi, however, ruled out the possibility of additional rate cuts down the road.
Tech shares traded higher, with top player Samsung Electronics adding 1.06 percent. Hyundai Motor, the nation’s leading automaker, rose 0.34 percent. On the downside, state-run Korea Electric Power Corp. suffered 0.52 percent fall, and chipmaker SK hynix was down 0.66 percent.
The local currency was trading at 1,207.60 against the U.S. dollar, down 4.15 won from the previous session’s close.
(khnews@heraldcorp.com)