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Seoul shares open higher following Wall Street gains

Jan. 30, 2024 - 09:46 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 got off to a strong start Tuesday, tracking overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index rose 18.70 points, or 0.75 percent, to 2,519.35 in the first 15 minutes of trading.

Overnight, US stocks gained ground as investors looked ahead to scheduled earnings announcements by major companies and the Federal Reserve's rate decision meeting later this week.

The S&P 500 climbed 0.8 percent to close at a fresh high, while the Dow Jones Industrial Average and the Nasdaq composite both rose 0.6 percent and 1.1 percent, respectively.

In Seoul, tech, chemical and steel stocks led the overall gains. Chipmaker SK hynix added 0.15 percent, and leading chemical company LG Chem jumped 1.29 percent.

Leading steelmaker Posco Holdings climbed 3.78 percent, and leading battery maker LG Energy Solution added 72 percent.

Financial shares also gained momentum, with KB Financial rising 0.36 percent and Samsung Life up 1.37 percent.

The local currency was trading at 1,331.35 won against the US dollar, up 4.35 won from the previous session's close. (Yonhap)