Seoul stocks open higher as banking jitters ease
Published : Mar 17, 2023 - 09:47
Updated : Mar 17, 2023 - 09:47
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

Seoul stocks opened higher Friday on news that a group of banks would throw a lifeline to a troubled US bank.

The benchmark Korea Composite Stock Price Index added 15.84 points, or 0.67 percent, to 2,393.75 in the first 15 minutes of trading.

Overnight, Wall Street finished up after 11 American banks vowed to inject $30 billion into the ailing San Francisco-based First Republic Bank, reassuring investors of the financial soundness of the US banking system.

The Dow Jones Industrial Average gained 1.17 percent, the S&P 500 added 1.76 percent, and the tech-heavy Nasdaq Composite jumped 2.48 percent.

In Seoul, top-cap Samsung Electronics advanced 1.84 percent, and chipmaker SK hynix jumped 5.06 percent.

Internet giant Naver climbed 1.47 percent, and Kakao, the operator of South Korea's dominant messaging app, KakaoTalk, rose 1 percent.

Battery makers lost ground, with LG energy Solutions edging down 2.43 percent and Samsung SDI losing 2.3 percent. Chemical giant LG Chem declined 2.19 percent.

The local currency was changing hands at 1,302.9 won against the greenback as of 9:15 a.m., up 10.1 won from the previous session's close. (Yonhap)