Seoul shares open higher on shipbuilders
March 8, 2011 - 09:51
South Korean stocks started higher on Tuesday as retail and institutional investors picked up shares of shipyards, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) added 4.13 points, or 0.21 percent, to 1,984.4 in the first 15 minutes of trading.
The world's largest shipbuilder Hyundai Heavy Industries rose about 1.5 percent, helping the key index bounce back from a sharp loss in the previous session.
Korea Zinc, the world's No. 2 zinc smelter, jumped nearly 3 percent on a brokerage's estimate that rising raw material prices will fuel its profit gains.
The local currency was trading at 1,117.95 won to the greenback as of 9:15 a.m., up 1.25 won from Monday's close.