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Seoul stocks open sharply higher on Samsung, Hyundai Motor surge

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)
South Korean stocks opened sharply higher Monday on the back of stellar advances by Samsung Electronics and Hyundai Motor, as investors pinned rosy expectations on the top caps' possible partnership with US tech giants.

The benchmark Korea Composite Stock Price Index rose 55.85 points, or 1.8 percent, to 3,209.03 in the first 20 minutes of trading.

Samsung Electronics spiked 5.18 percent, following reports that it is rivaling with Taiwan Semiconductor Manufacturing Co. over a chip outsourcing deal offered by US tech behemoth Intel Corp.

Hyundai Motor surged 12.8 percent after logging a jaw-dropping two-digit hike the previous session, fueled by reports that South Korea's largest carmaker may sign a deal on Apple's autonomous electric cars.

Other large caps traded high in Seoul, with internet portal Naver moving up 1.12 percent and its rival Kakao rising 2.19 percent.

Leading chemical firm LG Chem jumped 3 percent, and rechargeable battery maker Samsung SDI hiked 3.25 percent.

Pharmaceutical giant Samsung Biologics shed 0.84 percent, but Celltrion gained 1.91 percent.

The local currency was trading at 1,095.05 won against the US dollar, down 5.25 won from the previous session's close. (Yonhap)
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