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Seoul stocks open steeply higher despite U.S. price hike

09:36 June 11, 2021

SEOUL, June 11 (Yonhap) -- South Korean stocks opened higher Friday despite the steep hike in the U.S. price gauge, as investors expect the price pressure is still short of starting Federal Reserve discussions to pull back its accommodative policies.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.91 points, or 0.77 percent, to reach 3,249.55 points in the first 15 minutes of trading.

The KOSPI got off to a strong start on overnight Wall Street tech gains, as investors shrug off signs of high price pressure projected on the consensus-beating U.S. consumer price index (CPI) for May.

Optimism about a quick economic rebound also drove up the stock prices, following a 40.9 percent on-year jump in South Korean exports in the first 10 days of June.

In Seoul, market bellwether Samsung Electronics added 0.74 percent, and No. 2 chipmaker SK hynix advanced 1.63 percent.

Electric vehicle battery maker Samsung SDI jumped 4.43 percent, but internet portal operator Naver moved down 0.4 percent. Giant pharmaceutical firm Samsung Biologics edged down 0.23 percent.

Top automaker Hyundai Motor increased 2.12 percent, and leading chemical firm LG Chem gained 1.12 percent.

The local currency was trading at 1,112 won against the U.S. dollar, up 3.8 won from the previous session's close.

jwc@yna.co.kr
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