Seoul stocks open slightly higher on tech advance

South Korean stocks opened slightly higher Thursday on advances in tech shares, which fueled hopes of a strong earnings report season.

The benchmark Korea Composite Stock Price Index (Kospi) added 5.68 points, or 0.19 percent, to 3,031.17 in the first 15 minutes of trading.

Stocks opened nearly flat amid the tussle between the expectations of strong quarterly gains and concerns over rising price pressure.

Overnight, the Dow Jones Industrial Average lost 0.74 percent and the tech-heavy Nasdaq composite close unchanged amid worries that the rising inflation pressure may usher in faster than expected rate hike.

Market bellwether Samsung Electronics gained 0.29 percent to 70,300 won after the company reported record sales revenue in the third-quarter, and No. 2 chipmaker SK hynix increased 1.48 percent to 103,000 won.

Internet portal operator Naver climbed 0.72 percent to 417,500 won, and leading car battery firm LG Chem rose 1.45 percent to 837,000 won.

Among losers, the country's largest carmaker Hyundai Motor lost 0.47 percent to 212,500 won.

The local currency was trading at 1,171.6 won against the US dollar, down 1.6 won from the previous session's close. (Yonhap)