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Seoul shares open higher on US gains

Aug. 4, 2022 - 09:44 By Yonhap
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, as jitters over US-China tension, caused by US House Speaker Nancy Pelosi's Taiwan visit, eased somewhat.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.91 points, or 0.36 percent, to trade at 2,470.36 points in the first 15 minutes of trading.

The Dow Jones Industrial Average rose 1.29 percent, and the Nasdaq Composite climbed 2.59 percent on firm economic data showing the world's largest economy is still chugging along.

There were concerns about an armed conflict between China and the US over Pelosi's visit to Taiwan, which China views as part of its territory. But there was no such clash.

Investors also remain watchful over the US Federal Reserve's tightening of monetary easing to combat high inflation despite recession risk.

Individuals bought a net 54 billion won ($41 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 56 billion won.

In Seoul, tech and airline stocks were lead gainers, with market bellwether Samsung Electronics Co. rising 0.3 percent, leading home appliance maker LG Electronics Inc. climbing 1.6 percent and national flag carrier Korean Air Lines Co. gaining 1.4 percent.

Among decliners, top carmaker Hyundai Motor Co. fell 0.3 percent, leading wireless services provider SK Telecom Co. declined 0.2 percent, and the country's leading shipbuilding group HD Hyundai shed 1.4 percent.

The local currency was trading at 1,308.05 won against the US dollar, up 2.25 won from the previous session's close. (Yonhap)