Seoul shares open sharply higher as US recession woes fade
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)
South Korean stocks opened sharply higher Friday as major US data eased economic slowdown fears.
The benchmark Korea Composite Stock Price Index (Kospi) rose 52.43 points, or 1.98 percent, to 2,696.93 in the first 15 minutes of trading.
Overnight, major US indexes rallied as the latest retail sales data showed that shoppers are still driving the economy.
The Dow Jones Industrial Average rose 1.4 percent, the S&P 500 increased 1.61 percent, and the tech-heavy Nasdaq composite soared 2.34 percent.
The US consumer price index for July, released while the Korean stock markets were closed for the Liberation Day holiday on Thursday, also strengthened bets the Federal Reserve will start cutting its rates soon.
In Seoul, market bellwether Samsung Electronics advanced 2.59 percent, and its chipmaking rival SK hynix shot up 5.09 percent.
Leading battery maker LG Energy Solution jumped 2.08 percent, and its smaller rival Samsung SDI gained 2.01 percent.
Top automaker Hyundai Motor soared 3.32 percent, and its smaller affiliate Kia climbed 2.05 percent.
Financial firms also kicked off strong, with KB Financial up 1.78 percent, Shinhan Financial up 2.91 percent and Hana Financial up 2.12 percent.
Trading firm Samsung C&T also gained more than 3.5 percent.
The local currency was trading at 1,363.2 won against the US dollar, down 2.6 won from the previous session's close. (Yonhap)
