Seoul stocks open higher on US rallies

South Korean stocks opened higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism for strong corporate earnings in the second quarter.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.14 points, or 0.62 percent, to trade at 3,266.61 points in the first 15 minutes of trading.

The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area.

Strong earnings reports by US financial giants fueled optimism for earning hikes globally and at home.

Overnight, the big-three US stock indexes set new records, with the Dow Jones Industrial Average adding 0.36 percent. The tech-heavy Nasdaq Composite and the S&P 500 also advanced 0.21 and 0.35 percent, respectively, to new highs.

In Seoul, market bellwether Samsung Electronics gained 0.38 percent, and No. 2 chipmaker SK hynix increased 1.67 percent.

Internet portal operator Naver moved up 1.31 percent, while giant pharmaceutical firm Samsung Biologics retreated 0.57 percent.

Top automaker Hyundai Motor declined 0.22 percent, but leading chemical firm LG Chem grew 0.35 percent.

The local currency was trading at 1,146.25 won against the US dollar, up 0.75 won from the previous session's close. (Yonhap)