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Seoul stocks open higher on US tech rebound

Stock market in South Korea (Yonhap)
Stock market in South Korea (Yonhap)
South Korean stocks opened higher Friday on overnight tech gains on Wall Street, with investors digesting the impact of the Fed's faster-than-expected timeline for policy tightening.

The benchmark Korea Composite Stock Price Index (Kospi) increased 7.75 points, or 0.24 percent, to 3,272.71 in the first 15 minutes of trading.

Stocks opened with mild gains after the key stock index snapped its five-session winning streak the previous session.

The rebound came amid the ongoing tussle between a faster global economic recovery and an early interest hike in the financial markets.

On Wednesday (US time), the US Federal Reserve said its officials are already discussing policy rate hikes, adding that two are expected by 2023.

Overnight, the tech-heavy Nasdaq Composite fell 0.71 percent, while the Dow Jones Industrial Average moved down 0.27 percent.

Market kingpin Samsung Electronics slipped 0.12 percent, while No. 2 chipmaker SK hynix gained 0.4 percent. Battery maker Samsung SDI jumped 4 percent.

Internet portal operator Naver moved up 2.18 percent, but giant pharmaceutical firm Samsung Biologics edged down 0.12 percent.

Top automaker Hyundai Motor added 0.21 percent, and leading chemical firm LG Chem advanced 0.36 percent.

The local currency was trading at 1,131.85 won against the US dollar, down 1.45 won from the previous session's close. (Yonhap)