Seoul stocks open higher on US gains, stimulus steps

South Korean shares opened higher Thursday, tracking gains in U.S. stocks amid expectations that a new stimulus package along with market stabilization steps will ease the impact of Britain's vote to exit from the European Union. 

The benchmark Korea Composite Stock Price Index rose 9.68 points, or 0.49 percent, to 1,966.04 in the first 15 minutes of trading.

The main index almost wiped out a sharp plunge sparked by the Brexit rebounding for three consecutive days on Wednesday.

Investors will closely watch if governments and central banks execute fiscal stimulus packages and take monetary easing steps to minimize the post-Brexit market turmoil, analysts said.

Early this week Korea unveiled a plan to pump 20 trillion won ($17 billion), including a 10-trillion-won supplementary budget, into the economy to ease uncertainties and underpin its flagging economy.

On Wednesday, the Dow Jones industrial average rose 284.96 points, or 1.64 percent, with the tech-heavy Nasdaq composite index climbing 1.86 percent.

Most large-cap stocks advanced across the board.

Market bellwether Samsung Electronics Co. rose 0.50 percent, leading cosmetics maker AmorePacific Corp. gained 0.35 percent and No. 2 chipmaker SK hynix Inc. was up 0.47 percent.

Among decliners, top automaker Hyundai Motor Co. fell 1.44 percent and the state-run Korea Electric Power Corp. slid 0.33 percent.

The local currency was trading at 1,154.65 won against the U.S. dollar, up 5.55 won from the previous session's close. (Yonhap)