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Stocks open higher on autos, telecoms

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Published : 2014-03-24 11:15
Updated : 2014-03-24 11:15

The local stock market started higher on Monday on the back of gains in automakers and mobile carriers, according to analysts.

The benchmark Korea Composite Stock Price Index (KOSPI) added 14.23 points, or 0.74 percent, to 1,949.17 in the first 15 minutes of trading.

Carmakers led the gain, with No. 1 carmaker Hyundai Motor adding 0.64 percent and its autoparts affiliate Hyundai Mobis rising 1.33 percent. Kia Motors, the country's No. 2 carmaker, moved up 0.51 percent.

Mobile carriers also gathered ground, with leading SK Telecom rising 1.44 percent and its smaller rival KT climbing 0.51 percent.

LG Uplus, the smallest player, advanced 1.2 percent.

The local currency was trading at 1,078.90 won against the U.S. dollar as of 9:15 a.m., up 1.40 won from Friday's close.