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Seoul shares turn higher after weak start

Seoul shares turn higher after weak start

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Published : 2013-12-16 09:39
Updated : 2013-12-16 09:39

South Korean stocks turned higher Monday after a weak start amid fear of an early U.S. stimulus cut that is likely to keep investors cautious about their bets this week, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.25 points, or 0.11 percent, to 1,965.16 in the first 15 minutes of trading. The session began 0.12 percent lower at the opening bell.

Blue-chip tech and public firms gained, with chip giant SK hynix climbing 1.2 percent and state-run electricity provider Korea Electric Power Corp. increasing nearly 1 percent.

Wall Street ended mixed last week after speculation arose that the Federal Reserve might start trimming its bond-buying program as early as Thursday (Seoul time) when it holds its December rate-setting meeting.

The local currency was trading at 1,054.05 won against the U.S. dollar as of 9:15 a.m., down 1.45 won from Friday's close. (Yonhap News)

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