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Seoul shares open higher on tech gains

Oct. 6, 2022 - 09:33 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)

South Korean stocks opened higher Thursday despite overnight US losses, on the back of solid gains in big-cap tech shares.

The benchmark Korea Composite Stock Price Index (KOSPI) added 18.93 points, or 0.85 percent, to 2,234.15 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average shed 0.14 percent, and the tech-heavy Nasdaq Composite went down 0.25 percent, following strong gains of the previous two sessions.

Some expect a softer tone from the Federal Reserve on monetary policy tightening, given recent weak US job market and other economic data amid fears of an economic slowdown.

But others say it is too early to expect its pivot.

In Seoul, tech and chemicals led the overall market gains.

Market bellwether Samsung Electronics grew 0.89 percent, and chip giant SK hynix also added 0.89 percent.

Battery maker LG Energy Solutions advanced 1.92 percent, and Samsung SDI rose 0.35 percent. LG Chem increased 1.07 percent.

Internet giant Naver rose 2.13 percent from a fresh 52-week low, and Kakao, the operator of the popular mobile messenger Kakao Talk, added 0.73 percent.

Top automaker Hyundai Motor remained flat, and its affiliate Kia shed 0.28 percent.

The Korean won was trading at 1,412.25 won against the US dollar as of 9:15 a.m., down 2.15 won from the previous session's close. (Yonhap)