Stocks open higher on improved exports in November

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Stocks open higher on improved exports in November

Published: 13 Nov. 2023, 10:03

KIM JU-YEON
kim.juyeon2@joongang.co.kr

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Friday. [YONHAP]

Shares opened higher Monday as the country reported continued improvement in exports, led by the semiconductor industry.

The Kospi added 8.59 points, or 0.36 percent, to 2,418.25 in the first 15 minutes of trading.

The customs office said the country's exports increased 3.2 percent on-year to $18.2 billion in the first 10 days of the month, with outbound shipments of semiconductors gaining 1.3 percent, marking the first increase since August 2022.

But investors remained cautious after Moody's cut its rating outlook for the United States to "negative" from "stable," citing a political deadlock in U.S. Congress over spending as a potential risk to the nation's fiscal health.

In Seoul, Samsung Electronics advanced 0.43 percent, with SK hynix surging 1.76 percent.

Hyundai Motor lost 0.12 percent, while Kia rose 0.39 percent.

LG Chemical dropped 0.22 percent, while Celltrion gained 0.45 percent.

Naver rose 1.23 percent, and Kakao also gained 0.22 percent.

The local currency was trading at 1,319.10 won against the U.S. dollar at 9:15 a.m., up 2.3 won from the previous session's close.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]