Korean shares open higher on foreign, institution buying

South Korean stocks opened higher Tuesday on increased buying by foreigners and institutions.

The benchmark Korea Composite Stock Price Index gained 1.03 points, or 0.04 percent, to 2,354.00 in the first 20 minutes of trading.

Bae Sung-young, a market analyst at KB Securities Co., said the index moved in a tight range due to a lack of upside momentum.

Large-cap stocks were mixed across the board.

Top automaker Hyundai Motor gained 0.62 percent, and auto parts maker Hyundai Mobis Co. was up 0.18 percent.

Meanwhile, market bellwether Samsung Electronics Co. lost 0.92 percent, and No. 2 chipmaker SK hynix Inc. was down 0.35 percent.

The local currency was trading at 1,122.75 won against the US dollar, down 1.05 won from the previous session's close. (Yonhap)