Seoul stocks open higher on bottom-fishing
Published : Jan 28, 2022 - 09:39
Updated : Jan 28, 2022 - 09:39

An electronic signboard at the dealing room of Hana Bank in Seoul shows a weak position of local stocks and currency on Friday. (Yonhap)
South Korean stocks opened higher Friday as investors sought to buy oversold stocks after the key stock index's five-day losing streak.

The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.58 points, or 0.48 percent, to 2,627.07 points in the first 15 minutes of trading.

Stocks came off to a volatile start after the key stock index closed at a 14-month low due to the US rate hike concerns and LG Energy Solution's crash upon its market debut.

Market bellwether Samsung Electronics added 0.98 percent, and No. 2 chipmaker SK hynix increased 2.64 percent.

Internet portal operator Naver traded flat, and leading carmaker Hyundai Motor decreased 0.27 percent. LG Energy Solution, the second most valued stock on the Kospi, slumped 7.43 percent on its second day of trading.

The local currency was trading at 1,204 won against the US dollar, down 1.2 won from the previous session's close. (Yonhap)