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Seoul stocks open higher on economic recovery hopes

(Yonhap)
(Yonhap)

South Korean shares opened higher Tuesday on expectations for an economic recovery amid eased worries over the new coronavirus.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.7 points, or 0.54 percent, to 2,005.30 in the first 15 minutes of trading.

The KOSPI extended gains from the previous day largely on investors' optimism for an economic recovery fueled by South Korean President Moon Jae-in's push for a third and possibly largest-ever supplementary budget.

US stock markets closed Monday (New York time) for the Memorial Day holiday.

Large caps were mixed.

Market kingpin Samsung Electronics lost 0.31 percent, and No. 2 chipmaker SK hynix slipped 0.61 percent.

Top automaker Hyundai Motor soared 1.25 percent, while its smaller affiliate Kia Motors advanced 1.64 percent.

Internet portal giant Naver slipped 0.83 percent, and its local rival Kakao spiked 1.31 percent.

Pharmaceutical industry leader Samsung Biologics added 0.79 percent, while Celltrion lost 0.23 percent.

The local currency was trading at 1,239.85 won per dollar, up 4.35 won from the previous session's close. (Yonhap)
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