Seoul shares open higher on China data

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Seoul shares open higher on China data

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Thursday. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Thursday. [YONHAP]

 
Stocks opened moderately higher Thursday, buoyed by strong manufacturing data in China that indicated it is on a path for an economic recovery.
 
The benchmark Kospi rose 21.75 points, or 0.9 percent, to trade at 2,434.60 won in the first 15 minutes of trading.
 
Data released Wednesday showed that the manufacturing activity in Asia's largest economy posted its highest improvement in more than a decade in February, with the services sector also showing strong performance.
 
China, Korea's biggest trading partner, reopened the economy in November last year in an easing of Covid-19 restrictions.
 
In Seoul, shares gained ground across the board, with tech and auto blue-chips driving up the Kospi.
 
Samsung Electronics climbed more than 1 percent. Automaker Hyundai Motor advanced nearly 2 percent and its affiliate Kia shot up more than 3 percent.
 
The Korean won was trading at 1,307.10 won against the dollar as of 9:15 a.m., down 15.5 won from Tuesday's close.
 
Local financial markets were closed Wednesday for the March 1 Independence Movement holiday marking a 1919 uprising against Japan's colonial rule.

Yonhap
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