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Seoul stocks open sharply higher tracking Wall Street gains

(Yonhap)
(Yonhap)

South Korean stocks opened sharply higher Wednesday tracking a record rally on Wall Street as investors bet on stimulus measures around the globe amid the new coronavirus pandemic.

The benchmark Korea Composite Stock Price Index had risen 64.16 points, or 3.99 percent, to 1,674.13 as of 9:15 a.m.

The Dow Jones Industrial Average on Tuesday skyrocketed 11.4 percent to close at 20,704.91, its biggest one-day gain since 1933, after US lawmakers said they are close to passing a $2.5 trillion stimulus package to tackle the economic fallout from COVID-19.

It was also backed by a pledge from finance ministers of the Group of Seven advanced economies to do "whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system."

In Seoul, most large-cap stocks were up.

Market kingpin Samsung Electronics rose 3.62 percent, and No. 2 chipmaker SK hynix jumped 4.32 percent.

Top automaker Hyundai Motor advanced 7.89 percent, and auto parts producer Hyundai Mobis spiked 12.11 percent. South Korea's leading chemical firm, LG Chem, climbed 6.94 percent.

The local currency was trading at 1,234.40 won against the US dollar, sharply up 15.2 won from the previous session's close. (Yonhap)

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