Seoul shares open higher on Wall Street gains
Published : May 27, 2022 - 10:07
Updated : May 27, 2022 - 10:07
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting.

The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading.

Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent.

In Seoul, large-cap shares gathered ground across the board, with techs and chemicals leading the upturn.

Market heavyweight Samsung Electronics rose 0.91 percent, and No. 2 chipmaker SK hynix surged 2.43 percent.

Top battery maker LG Energy Solution added 0.46 percent, and LG Chem spiked 3.93 percent.

Carmakers also rose, with Hyundai Motor increasing 1.09 percent and Kia advancing 0.73 percent.

Major bio shares traded mixed. Pharmaceutical giant Celltrion soared 2.27 percent, and Samsung Biologics shed 0.6 percent.

The local currency was trading at 1,260.30 won against the US dollar as of 9:15 a.m., up 6.7 won from the previous session's close. (Yonhap)