Seoul shares open higher as U.S. debt jitters ease

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Monday. [NEWS1]

Stocks opened higher Tuesday on a breakthrough in U.S. debt ceiling negotiations.

The benchmark Kospi added 17.36 points, or 0.68 percent, to 2,576.17 in the first 15 minutes of trading.

Over the weekend, U.S. President Joe Biden and House Speaker Kevin McCarthy agreed to raise the nation's debt ceiling. Now, the deal would need to get enough bipartisan support in Congress before the June 5 deadline to avert a potentially devastating federal default.

Korean financial markets were closed Monday for a substitute public holiday for Buddha's Birthday, which fell on Saturday. U.S. stock markets were also closed Monday for Memorial Day.

In Seoul, Samsung Electronics rose 1.85 percent, and chipmaker SK hynix advanced 1.83 percent on continued optimism over an artificial intelligence-led chip boom.

Large-cap battery makers gained ground. LG Energy Solution added 0.52 percent, and Samsung SDI jumped 2.45 percent. Bio firm Samsung Biologics climbed 0.51 percent.

Meanwhile, carmakers opened lower, with Hyundai Motor skidding 1.7 percent and Kia falling 1.03 percent.

The local currency was trading at 1,321.7 won against the dollar at 9:15 a.m., down 2.8 won from the previous session's close.

Yonhap