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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 Friday. (Yonhap) |
South Korean stocks opened higher Friday as higher-than-expected US economic growth and solid consumer demand boosted hopes for a pause in the Federal Reserve's rate hike march.
The benchmark Korea Composite Stock Price Index added 12.04 points, or 0.52 percent, to 2,311.12 in the first 15 minutes of trading, making a rebound from the previous day's crash.
Overnight, all three major US indexes closed lower due to a slide in tech blue chips that posted disappointing earnings.
Data showed that the US economy expanded 4.9 percent in the third quarter, the strongest reading in almost two years, fueled by a surge in consumer spending.
In Seoul, big-cap shares traded mixed.
Market bellwether Samsung Electronics gained 0.45 percent, but SK hynix, the country's No. 2 chipmaker, lost 1.75 percent.
Battery shares also rebounded slightly.
Leading battery maker LG Energy Solution rose 0.63 percent, its smaller rival Samsung SDI jumped 2.72 percent, and Posco Future M went up 0.8 percent.
Auto shares also gained ground, with Hyundai Motor climbing 1 percent, its smaller affiliate Kia advancing 0.86 percent and its auto parts-making affiliate Hyundai Mobis up 3.7 percent.
But bio shares lost ground, with Samsung Biologics down 0.82 percent and Celltrion falling 0.2 percent.
The local currency was trading at 1,354.20 won against the US dollar at 9:15 a.m., up 5.8 won from the previous session's close. (Yonhap)
