Seoul stocks open higher on stimulus hopes

South Korean shares opened higher Monday on hopes for economic rebound despite rising virus outbreaks around the globe.

The benchmark Korea Composite Stock Price Index (KOSPI) added 13.51 points, or 0.63 percent, to 2,163.76 in the first 15 minutes of trading.

The gains were led by optimism for a quick economic recovery.

South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower rate of decline signaled recovery in outbound shipments.

This week, South Korea is also set to release details of the so-called New Deal stimulus package, aimed at creating jobs and supporting the pandemic-hit economy.

Most large caps traded higher.

Market bellwether Samsung Electronics rose 1.14 percent, with No. 2 chipmaker SK hynix edging up 0.12 percent.

Top pharmaceutical firm Samsung BioLogics shed 1.5 percent, and leading chemical maker LG Chem adding 1.51 percent.

The country's largest automaker Hyundai Motor advanced 1.73 percent. Leading steelmaker POSCO gained 1.1 percent.

The local currency was trading at 1,201.45 won against the US dollar, up 3.05 won from the previous session's close. (Yonhap)