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Seoul shares open higher on Greek, Chinese hopes

South Korean shares started slightly higher as Greece offered a new bailout proposal and China's stock market rebounded, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) gained

1.19 points, or 0.06 percent, to 2,029 in the first 15 minutes of trading.
The Greece government has submitted a plan for pension reform and tax hikes in return for additional bailout programs, while Chinese financial authorities have released a set of market-stabilizing measures to end the rout on Thursday.
Chemicals companies traded bullish, with market leader LG Chem jumping 2.65 percent and Hanwha Chemical rising 1.1 percent.
Hotel Shilla soared 5.11 percent and Hyundai Department Store added 1.85 percent ahead of the announcement of new downtown duty free shop operators.
The local currency was trading at 1,131.45 won against the dollar in Seoul as of 9:15 a.m., up 2.45 won from Thursday's close. (Yonhap)