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Seoul stocks open higher on investors' bottom-fishing

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap)
South Korean stocks opened higher Wednesday, as investors went bottom-fishing for certain large caps that suffered large losses during the key index's two-day slump from an institutional selling spree.

The benchmark Korea Composite Stock Price Index rose 15.32 points, or 0.49 percent, to 3,141.27 in the first 20 minutes of trading.

The gain was largely led by chemical and tech top caps, as institutions and individuals bought on expectations of improved performance.

Investor sentiment also improved on overnight signals by two US Federal Reserve officials that the world's largest economy is unlikely to taper its asset purchases any time soon.

Large caps traded mixed in Seoul.

Samsung Electronics shed 0.66 percent, but No. 2 chipmaker SK hynix advanced 2.33 percent.

Leading chemical firm LG Chem jumped 3.53 percent, and rechargeable battery maker Samsung SDI gained 1.48 percent.

Internet portal operator Naver moved up 0.82 percent, while its rival Kakao retreated 0.87 percent.

Pharmaceutical giant Samsung Biologics declined 0.86 percent, and Celltrion fell 1.3 percent. Top automaker Hyundai Motor lost 1.53 percent.

The local currency was trading at 1,094.25 won against the US dollar, up 5.65 won from the previous session's close. (Yonhap)
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