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Seoul stocks open higher on US gains

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 steeply higher Wednesday, tracking overnight gains on Wall Street that stemmed from easing concerns about the omicron variant.

The benchmark Korea Composite Stock Price Index (Kospi) rose 25.72 points, or 0.86 percent, to trade at 3,017.44 in the first 15 minutes of trading.

The Kospi got off to a bullish start, backed by comments by Anthony Fauci, top medical adviser to the US president, that the symptoms of the omicron variant are most likely lighter than other variants.

Overnight, the tech-heavy Nasdaq composite soared 3.03 percent and the Dow Jones Industrial Average advanced 1.4 percent.

In Seoul, market bellwether Samsung Electronics added 0.78 percent, and No. 2 chipmaker SK hynix increased 1.65 percent.

Internet portal operator Naver moved up 1.28 percent, and giant pharmaceutical firm Samsung Biologics climbed 1.6 percent.

Top automaker Hyundai Motor increased 0.96 percent, and electric car battery maker Samsung SDI jumped 3.04 percent.

The local currency was trading at 1,176.7 won against the US dollar, up 2.8 percent from the previous session's close. (Yonhap)

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