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Seoul shares open higher despite potential US govt. shutdown woes

Nov. 14, 2023 - 09:39 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened higher Tuesday on advances in tech shares amid growing concerns that the United States may face a government shutdown.

The benchmark Korea Composite Stock Price Index added 25.87 points, or 1.08 percent, to 2,429.63 in the first 15 minutes of trading.

Investors have been closely monitoring the possibility that the US may face a government shutdown should Congress fail to pass a spending plan by Friday.

Overnight, US shares closed mixed, with the Dow Jones Industrial Average gaining 0.16 percent, while the Nasdaq Composite slipped 0.22 percent.

In Seoul, tech giant Samsung Electronics moved up 0.71 percent, and No. 2 chipmaker SK hynix gained 0.23 percent. Top battery maker LG Energy Solution added 2.53 percent.

Chemical shares also gathered ground, with LG Chem rising 2.09 percent and oil refiner SK Innovation increasing 2.29 percent.

The local currency was trading at 1,320.8 won against the US dollar at 9:15 a.m., up 4.3 won from the previous session's close. (Yonhap)