Seoul stocks open higher on robust earnings, FOMC results

South Korean stocks opened higher Thursday as investor sentiment improved over optimism for strong corporate earnings and the US Fed's assurance that tapering would require more recovery from the pandemic.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.04 points, or 0.34 percent, to 3,247.9 points in the first 15 minutes of trading.

Stocks advanced after a two-day gain, backed by second-quarter surprise earnings by large caps, including market bellwether Samsung Electronics and other large caps on the KOSPI.

Investors were relieved by the Federal Open Market Committee meeting results, including Fed Chairman Jerome Powell's comments that the US economy is recovering but more progress is needed to meet the conditions for scaling back the Fed's accommodative policies.

In Seoul, Samsung Electronics traded flat, and No. 2 chipmaker SK hynix added 0.88 percent.

Internet portal operator Naver decreased 0.23 percent, but pharmaceutical giant Samsung Biologics gained 0.99 percent.

Top automaker Hyundai Motor moved up 0.45 percent, and leading chemical firm LG Chem climbed 0.6 percent.

The local currency was trading at 1,151.05 won to the US dollar, up 3.55 won from the previous session's close. (Yonhap)