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The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Wednesday. (Yonhap) |
South Korean stocks opened higher Wednesday, taking a cue from overnight gains on Wall Street that were largely generated by easing concerns about the US Federal Reserve's tapering timeline.
The benchmark Korea Composite Stock Price Index (Kospi) rose 11.68 points, or 0.37 percent, to trade at 3,149.98 points in the first 15 minutes of trading.
The Kospi got off to a solid start after rallying for the past two sessions.
The tech-heavy Nasdaq composite advanced 0.52 percent as investors are optimistic that the Fed may not hurry the timeline for rolling back its accommodative policies amid the spreading new coronavirus variants.
Fed Chairman Jerome Powell is scheduled to make an address at a Jackson Hole gathering in Wyoming on Friday (US time).
In Seoul, market bellwether Samsung Electronics advanced 0.26 percent, while No. 2 chipmaker SK hynix decreased 0.48 percent.
Internet portal operator Naver slipped 0.11 percent, but giant pharmaceutical firm Samsung Biologics climbed 0.31 percent.
Top automaker Hyundai Motor gained 0.72 percent, with leading chemical firm LG Chem adding 1.65 percent. Top bank stock Kakao Bank retreated 3.04 percent.
The local currency was trading at 1,163.95 won against the US dollar, up 1.65 percent from the previous session's close. (Yonhap)
