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Seoul shares open higher on bargain hunting

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

Seoul stocks opened higher Monday on bargain hunting following a decline for two consecutive sessions amid concerns over the Fed's aggressive rate hikes and a global economic downturn.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 percent, or 11.98 points, to 2,421.39 as of 9:15 a.m.

The KOSPI opened higher after falling 2.5 percent in the past two sessions as large-cap stocks advanced on institutional buying.

Tech and auto stocks were the lead gainers, with market bellwether Samsung Electronics Co. rising 0.4 percent, top carmaker Hyundai Motor Co. gaining 1.8 percent and leading auto parts maker Hyundai Mobis Co. climbing 2 percent.

Shipbuilding and steel stocks also advanced. Daewoo Shipbuilding & Marine Engineering Co. went up 1 percent, and leading steelmaker POSCO Holdings added 0.8 percent.

Among decliners, national flag carrier Korean Air Lines Co. fell 1.9 percent, the country's sole aircraft manufacturer Korea Aerospace Industries Co. declined 1 percent, and No. 1 wireless services provider SK Telecom Co. shed 0.4 percent.

The local currency was trading at 1,362.25 won against the US dollar, up 0.35 won from the previous session's close. (Yonhap)

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