Korean shares open higher on eased banking crisis woes

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Korean shares open higher on eased banking crisis woes

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Wednesday. [NEWS1]

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets open on Wednesday. [NEWS1]

 
Stocks opened higher Wednesday, tracking U.S. gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path.
 
The benchmark Kospi added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading.
 
Overnight, U.S. shares rose as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of a turmoil in the global financial sector sparked by the failure of American lenders over the past several weeks.
 
The Dow Jones Industrial Average rose 0.98 percent, and the tech-heavy Nasdaq Composite jumped 1.58 percent.
 
Investors now await the results of the Federal Reserve's two-day rate-setting meeting set to end Wednesday.
 
In Seoul, most big-cap shares gathered ground.
 
Samsung Electronics rose 0.5 percent, and SK hynix increased 0.6 percent.
 
Battery maker LG Energy Solution jumped 2.01 percent, and Samsung SDI advanced 0.7 percent. LG Chem surged 2.36 percent.
 
Hyundai Motor climbed 0.8 percent and its affiliate Kia added 0.77 percent.
 
Naver soared 1.75 percent, and Kakao advanced 1.31 percent.
 
The local currency was trading at 1,305.75 won against the dollar as of 9:15 a.m., down 5.45 won from the previous session's close.

Yonhap
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