Seoul stocks open tad higher on Wall Street gains

 

South Korean shares opened slightly higher Wednesday on overnight tech gains on Wall Street, despite concerns over the recent surge in new coronavirus outbreaks.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.34 points, or 0.14 percent, to 2,370.07 in the first 15 minutes of trading.

Stocks traded choppy after three-session gains, as investors weigh the pace of stock rally and the risk from the spreading COVID-19 cases.

The Nasdaq Composite advanced 86.75 points, or 0.76 percent, to 11,466.47 on Tuesday (New York time), led by gains in top heavyweights, including Facebook, Microsoft and Amazon.

The S&P 500 added 0.17 percent, while the Dow Jones Industrial Average shed 0.36 percent.

In Seoul, most large caps traded higher.

Market bellwether Samsung Electronics shed 0.18 percent, while No. 2 chipmaker SK hynix advanced 2.21 percent.

Top pharmaceutical firm Samsung Biologics climbed 0.37 percent, and Celltrion jumped 3.43 percent.

Leading chemical maker LG Chem added 1.96 percent, and rechargeable battery maker Samsung SDI rose 0.79 percent.

Internet portal giant Naver gained 1.38 percent, with its rival Kakao up 1.44 percent.

Hyundai Motor, the country's largest automaker, edged up 0.3 percent, while top steelmaker POSCO retreated 2.74 percent.

The local currency was trading at 1,186.95 won against the US dollar, down 1.85 won from the previous session's close. (Yonhap)