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지나쌤

Seoul shares open higher on China data

By Yonhap

Published : March 2, 2023 - 09:42

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

South Korean stocks opened moderately higher Thursday, buoyed by strong manufacturing data in China that indicated it is on a path for an economic recovery.

The benchmark Korea Composite Stock Price Index rose 21.75 points, or 0.9 percent, to trade at 2,434.60 won in the first 15 minutes of trading.

Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing strong performance.

China, South Korea's biggest trading partner, reopened the economy in November last year in an easing of COVID-19 restrictions.

In Seoul, shares gained ground across the board, with tech and auto blue-chips driving up the Kospi.

Market bellwether Samsung Electronics climbed more than 1 percent. Top automaker Hyundai Motor advanced nearly 2 percent and its smaller affiliate Kia shot up more than 3 percent.

The Korean won was trading at 1,307.10 won against the US dollar as of 9:15 a.m., up 15.5 won from Tuesday's close.

Local financial markets were closed Wednesday for the March 1 Independence Movement holiday marking a 1919 uprising against Japan's colonial rule. (Yonhap)