Corporate bill default rate falls to 20-month low in Feb.

Seoul shares open higher following EU summit

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Published : 2012-07-02 09:43
Updated : 2012-07-02 09:43

South Korean stocks began higher on Monday as a set of measures reached at a recent European Union (EU) summit relieved investors' worries, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.32 percent, or 6.02 points, to 1,860.03 in the first 15 minutes of trading.

On Friday, EU leaders agreed on several short-term steps to bolster their monetary union and save debt-ridden states within the union.

Automakers led the gain, with market leader Hyundai Motor jumping 1.72 percent and No. 2 player Kia Motors gaining 1.34 percent.

Oil refiners were also bullish, with top player SK Innovation surging 3.62 percent.

The local currency was trading at 1,142.6 won as of 9:15 a.m., up 2.8 won from Friday's close. (Yonhap News)

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