Seoul shares open higher amid U.S. debt ceiling woes

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Seoul shares open higher amid U.S. debt ceiling woes

Published: 16 May. 2023, 10:45 Updated: 16 May. 2023, 12:02

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

Stocks opened higher Tuesday as investor sentiment was buoyed by the ongoing U.S. debt ceiling negotiations.

The Kospi climbed 16.3 points, or 0.66 percent, to 2,495.65 in the first 15 minutes of trading.

U.S. stocks finished a tad higher overnight on rising optimism that Washington would reach a debt ceiling deal.

The Dow Jones Industrial Average rose 0.14 percent, and the tech-savvy Nasdaq Composite went up 0.66 percent.

In Seoul, market bellwether Samsung Electronics gained 1.71 percent, and SK hynix rose 3.12 percent.

Chemical maker LG Chem added 1.88 percent, and retailer Lotte Shopping edged up 0.25 percent.

The local currency was trading at 1,333.6 won against the dollar as of 9:15 a.m., down 3.4 won from Monday's close.

Yonhap