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Seoul shares open higher on autos, chemicals

June 25, 2024 - 09:34 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)

Seoul shares opened higher Tuesday as investors scooped up auto and chemical shares, despite a slump in technology shares on Wall Street.

The benchmark Korea Composite Stock Price Index fell 6.69 points, or 0.24 percent, to 2,771.42 in the first 15 minutes of trading.

Overnight, the Nasdaq Composite plunged 1.09 percent, and the Dow Jones Industrial Average added 0.67 percent. Nvidia, which briefly shot up to become the most valuable firm last week, plunged 6.68 percent, with other technology firms losing ground as well.

In Seoul, carmakers opened higher, with Hyundai Motors moving up 2.49 percent and Kia increasing 1.25 percent. Auto parts maker Hyundai Mobis added 2.52 percent.

Chemical shares also kicked off higher, with LG Chem rising 0.7 percent and SK Innovation adding 0.55 percent. Oil refiner S-Oil added 0.17 percent as well.

Tech shares opened bearish, with Samsung Electronics falling 0.12 percent to 80,500 won and No. 2 chipmaker SK hynix decreasing 2.69 percent to 217,000 won.

Battery makers were mixed, with LG Energy Solution rising 1.06 percent and Samsung SDI remaining unchanged from the previous session.

The local currency was trading at 1,384.7 won against the US dollar, up 4.3 won from the previous session's close. (Yonhap)