The Korea Herald


Seoul stocks open higher on US gains

By Yonhap

Published : Aug. 28, 2020 - 09:50

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(Yonhap) (Yonhap)

South Korean shares opened higher Friday, taking a cue from overnight gains on Wall Street, despite concerns over the rising new COVID-19 cases at home.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.12 points, or 0.56 percent, to 2,357.57 in the first 15 minutes of trading.

Stocks traded bullish, after the index plunged 1.05 percent the previous session due to spreading new COVID-19 cases.

Investor sentiment strengthened on an overnight speech by Federal Reserve Chairman Jerome Powell, signaling that the Fed would keep the policy rate low for a longer time.

The Dow Jones Industrial Average gained 0.57 percent to close at 28,492.27 on Thursday (New York time), and the S&P 500 advanced 0.17 percent.

China's improving car and home sales in the first three weeks this month also boosted optimism for the global economic rebound. 

Large caps traded mixed in Seoul.

Market bellwether Samsung Electronics rose 0.9 percent, while No. 2 chipmaker SK hynix lost 0.88 percent.

Internet portal giant Naver retreated 1.63 percent, and its rival Kakao dipped 2.07 percent.

Top pharmaceutical firm Samsung Biologics gained 0.37 percent, but Celltrion stayed flat.

Leading chemical maker LG Chem edged up 0.13 percent, while rechargeable battery maker Samsung SDI contracted 1.07 percent.

Hyundai Motor, the country's largest automaker, jumped 2.75, and top steelmaker POSCO hiked 1.06 percent.

The local currency was trading at 1,186.65 won against the US dollar, down 1.65 won from the previous session's close. (Yonhap)