Seoul shares open higher on Wall Street gains

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Seoul shares open higher on Wall Street gains

Published: 28 Feb. 2023, 09:45 Updated: 28 Feb. 2023, 10:05

A screen in Hana Bank's trading room in central Seoul on Monday shows the Kospi closing at 2,402.64 points, down 20.97 points, or 0.87 percent, from Friday's close. [NEWS1]

Stocks opened higher Tuesday, tracking gains in Wall Street overnight amid speculation that the tight monetary policy by the Federal Reserve may persist for longer than expected.

The benchmark Kospi rose 16.01 points, or 0.67 percent, to 2,418.65 in the first 15 minutes of trading.

U.S. stocks rebounded Monday as investors hunted for bargains from last week's losses.

Data showed new orders for capital goods in the world's largest economy increased more than previously forecast in January. Pending home sales also rose last month by the most in nearly three years, pointing to a strong U.S. economy.

In Seoul, most large-caps gained ground across the board.

Samsung Electronics rose 0.7 percent, and chemicals manufacturer LG Chem gained more than 1 percent.

Carmaker Hyundai Motor advanced nearly 2 percent. Internet portal operator Naver shot up 1.2 percent.

The local currency was trading at 1,315.50 won against the dollar as of 9:15 a.m., down 7.5 won from Monday's close.

Yonhap