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Seoul shares open sharply higher on tech gains

June 7, 2024 - 09:37 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Kookmin Bank headquarters in Seoul on Friday. (Newsis)

South Korean stocks opened sharply higher Friday backed by gains of big-cap tech and financial shares.

The benchmark Korea Composite Stock Price Index rose 38.36 points, or 1.43 percent, to 2,727.86 in the first 15 minutes of trading.

Overnight, the US stock market closed mixed as investors remained cautious ahead of key jobs data to be released later in the day, which will likely set the tone for the Federal Reserve's rate policy.

In Seoul, market bellwether Samsung Electronics gained 0.9 percent, and No. 2 chipmaker SK hynix soared 4.28 percent.

Battery shares also continued their gains from the previous session. Industry leader LG Energy Solution rose 1.42 percent, and Samsung SDI added 1.28 percent.

Financial shares also sharply gained ground, with KB Financial Group up 3.23 percent, Shinhan Financial Group up 5.16 percent and Hana Financial Group up 2.85 percent.

Steel giant Posco Holdings also advanced 1.18 percent, and leading chemical producer LG Chem jumped 2.14 percent.

The local currency was trading at 1,367.40 won against the US dollar, up 5.6 won from the previous session's close. (Yonhap)