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Seoul stocks open higher on earnings hope

Stock market in South Korea (Yonhap)
Stock market in South Korea (Yonhap)
South Korean stocks opened higher Tuesday on investors' hopes of strong corporate earnings in the January-March quarter amid speculation of a global economic rebound.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.86 points, or 0.18 percent, to 3,204.7 points in the first 15 minutes of trading.

Stocks got off to a strong start despite increased valuation pressure from the six-day winning streak, as brokerages projected strong quarterly performances by local big-name companies.

Market kingpin Samsung Electronics increased 0.24 percent, while No. 2 chipmaker SK hynix retreated 0.72 percent.

Internet portal giant Naver lost 0.51 percent, but leading carmaker Hyundai Motor edged down 0.22 percent.

Leading chemical maker LG Chem climbed 0.45 percent, and top pharmaceutical firm Samsung Biologics gained 2.05 percent.

The local currency was trading at 1,115.35 won to the US dollar as of 9:15 a.m., up 1.85 won from the previous session's close. (Yonhap)
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