Seoul shares open sharply higher on Wall Street gains

Published : Aug 20, 2024 - 09:43 Updated : Aug 20, 2024 - 09:43

An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened sharply higher on Tuesday on overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index shot up 26.07 points, or 0.97 percent, to 2,700.43 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average closed 0.58 percent higher, with the S&P 500 advancing 0.97 percent. The tech-heavy Nasdaq composite finished 1.39 percent higher as well.

The Wall Street gains were powered by eased concerns about a potential recession in the United States, which had shaken the global market earlier this month.

In Seoul, top tech giant Samsung Electronics gained 1.53 percent, and No. 2 chipmaker SK hynix climbed 2.89 percent.

Trading companies also gained ground, with Samsung C&T advancing 1.46 percent and Posco International rising 2.37 percent.

Carmakers opened bullish as well, with Hyundai Motors rising 0.39 percent and its sister Kia increasing 0.29 percent. Hyundai Mobis rose 0.91 percent.

The local currency was trading at 1,332.6 won against the US dollar, up 1.4 from the previous session's close. (Yonhap)