Seoul shares open higher on Samsung gains

South Korean stocks got off to a strong start Thursday, driven by a sharp rise in top-cap Samsung Electronics, analysts said.

The benchmark Korea Composite Stock Price Index climbed 11.34 points, or 0.56 percent to 2,053.85 in the first 15 minutes of trading.

Market bellwether Samsung Electronics, which accounts for 15 percent of the market capitalization, shot up more than 3 percent after the company said it will buy back its own shares worth a total of 11.3 trillion won ($10 billion) over the next year as part of its efforts to boost shareholder value.

Other tech firms also started higher, with chipmaker SK hynix gaining 0.6 percent and flat panel maker LG Display climbing more than 2 percent.

In contrast, logistics companies continued to trade in negative territory from previous sessions, with Hyundai Glovis dipping nearly 4 percent.

The local currency was trading at 1,141.90 won against the U.S. dollar as of 9:15 a.m., down 10.9 won from Wednesday's close. (Yonhap)