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Seoul stocks open higher as investors digest Fed's tightening plan

An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

South Korean shares opened higher Friday, as investors digested the US central bank's hawkish comments on monetary tightening.

The benchmark Korea Composite Stock Price Index (Kospi) rose 12.84 points, or 0.48 percent, to reach 2,708.70 as of 9:15 a.m.

Overnight, the US stock market mostly rebounded as investors assessed the Federal Reserve's minutes of its March meeting, which hinted at more aggressive monetary tightening than had been originally expected.

Overnight, the Dow Jones Industrial Average inched up 0.3 percent, and the S&P 500 rose 0.4 percent.

The geopolitical risks continued, however, as the European Union approved a ban on Russian coal and the United Nations General Assembly voted to suspend Russia from the Human Rights Council over its invasion of Ukraine.

On the Seoul bourse, most big-cap shares traded higher, with energy and battery firms leading the gains.

Market bellwether Samsung Electronics rose 0.44 percent to 68,300 won, following its upbeat earnings forecast the previous day.

No. 2 chipmaker SK hynix traded flat at 113,500 won, and LG Chem rose 0.77 percent to 522,000 won. Major battery maker LG Energy Solution went up 2.18 percent to 446,000 won.

The local currency was trading at 1,222.50 won against the US dollar, down 3 won from the previous session's close. (Yonhap)

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