Seoul shares open higher on upbeat U.S. firm earnings

South Korean stocks got off to a strong start Monday, boosted by better-than-expected corporate earnings reports in the United States last week, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.93 points, or 0.05 percent to 1,813.82 in the first 15 minutes of trading.

JP Morgan Chase beat market anticipations, reporting a net $5 billion profit for the second quarter, which drove up Wall Street shares at the last trading session.

Financial and chemical shares led the gains, with Woori Investment & Securities rising nearly 2 percent and LG Chem climbing 1.8 percent.

Investors will closely be eyeing what Federal Reserve chief Ben Bernanke has to say at the congressional hearing scheduled for later in the day, in regards to a possible stimulus plan against the prolonged economic slowdown, analysts added.

The local currency was trading at 1,147.95 won as of 9:15 a.m., up 2.05 won from Friday's close. (Yonhap News)