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Seoul stocks open higher on bargain hunting

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Thursday. (Yonhap)
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Thursday. (Yonhap)
South Korean stocks opened higher Thursday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session.

The benchmark Korea Composite Stock Price Index (Kospi) rose 20.69 points, or 0.65 percent, to 3,192.35 points in the first 15 minutes of trading.

Stocks came to a strong start after the Kospi slumped 1.52 percent the previous session under increased valuation pressure.

Investor sentiment remained strong, backed by rosy speculations about solid first-quarter earnings and progress in the local vaccine rollout against the new coronavirus.

Market kingpin Samsung Electronics advanced 0.48 percent, and No. 2 chipmaker SK hynix added 1.89 percent. Internet portal operator Naver increased 0.66 percent.

Top automaker Hyundai Motor gained 0.67 percent, and leading chemical firm LG Chem climbed 1.39 percent.

Pharmaceutical giant Samsung Biologics lost 1.8 percent, and Celltrion traded flat.

The local currency was trading at 1,117.15 won to the US dollar as of 9:15 a.m., up 1.45 won from the previous session's close. (Yonhap)
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