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Seoul shares open higher as debt-ceiling concerns ease

Published: 18 May. 2023, 09:46 Updated: 18 May. 2023, 10:06

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

Seoul shares opened higher Thursday after U.S. stocks rallied on optimism that a deal to raise the U.S. debt ceiling is within reach.

The benchmark Kospi rose 15.4 points, or 0.62 percent, to 2,510.06 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average advanced 1.2 percent to 33,420.77, and the tech-heavy Nasdaq Composite climbed 1.3 percent to 12,500.57.

The U.S. government needs to lift the debt ceiling to cover its future spending plans and prevent defaulting on its debts. A failure by the U.S. government to raise the debt limit could trigger global financial chaos.

In Seoul, tech, auto and airline stocks led gains.

Samsung Electronics rose 1.5 percent to 66,000 won, and chipmaker SK hynix climbed 1 percent to 92,900 won.

Hyundai Motor increased 0.74 percent, and auto parts maker Hyundai Mobis went up 0.91 percent.

National flag carrier Korean Air added 0.2 percent to 22,550 won.

Among decliners, chemical firm LG Chem fell 0.1 percent, while entertainment agency HYBE declined 2.1 percent.

The local currency was trading at 1,336.15 won against the dollar as of 9:15 a.m., down 1.05 won from a session earlier.

Yonhap