Seoul shares open higher on U.S. gains

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Seoul shares open higher on U.S. gains

Published: 31 Oct. 2023, 09:59 Updated: 31 Oct. 2023, 14:10

PARK EUN-JEE
park.eunjee@joongang.co.kr

Screens at Hana Bank in central Seoul show indexes in the morning trade session Tuesday. [YONHAP]

Korea stocks got off to a strong start Tuesday, tracking overnight gains on Wall Street.

The benchmark Kospi rose 7.09 points, or 0.31 percent, to 2,317.64 in the first 15 minutes of trading.

U.S. stocks closed higher overnight, with the Dow Jones Industrial Average advancing 1.58 percent and the Nasdaq Composite rising 1.16 percent.

The rebound came after investors scooped up bargain shares ahead of the U.S. Federal Reserve's monetary policy meeting this week.

In Seoul, Samsung Electronics moved up 1.19 percent after the company reported that its third-quarter net income fell 37.8 percent on-year.

No. 2 chipmaker SK hynix added 1.09 percent.

Top online portal operator Naver jumped 2.04 percent, and Kakao, which runs the country's top mobile messenger, gained 1.32 percent.

Carmakers also gained ground, with Hyundai Motors rising 1.39 percent and its smaller sister Kia moving up 1.02 percent. Auto parts maker Hyundai Mobis advanced 0.95 percent.

The local currency was trading at 1,347.4 won against the U.S. dollar at 9:15 a.m., up 3.5 won from the previous session's close.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]