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Seoul stocks open higher following Wall Street gains

09:23 October 22, 2019

SEOUL, Oct. 22 (Yonhap) -- Seoul stocks opened higher Tuesday following overnight gains on Wall Street, on the back of hopes that the United States and China work to resolve their lengthy trade war.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.32 points, or 0.45 percent, to 2,074.16 in the first 15 minutes of trading.

U.S. stocks rose Monday (local time) on signs of progress toward the U.S.-China trade agreement. The Dow Jones industrial average climbed 0.21 percent to close at 26,827.64, while the Nasdaq composite added 0.91 percent to 8,162.99.

In Seoul, large caps traded mixed, though tech shares had a solid start.

Market kingpin Samsung Electronics rose 0.80 percent, and No. 2 chipmaker SK hynix advanced 1.29 percent.

Leading chemical firm LG Chem climbed 0.17 percent, while South Korea's No. 1 steelmaker POSCO added 1.36 percent.

Top carmaker Hyundai Motor, however, dropped 1.23 percent, while its sister company Kia Motors dived 1.61 percent.

The local currency was trading at 1,173.70 won against the U.S. dollar, down 1.70 won from the previous session's close.
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