Kospi opens nearly 1% higher to follow Wall Street gains

Finance

Kospi opens nearly 1% higher to follow Wall Street gains

Published: 20 Aug. 2024, 10:44 Updated: 20 Aug. 2024, 11:37

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Tuesday. [AP/YONHAP]

Shares opened sharply higher on Tuesday on overnight gains on Wall Street.

The Kospi shot up 26.07 points, or 0.97 percent, to 2,700.43 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average closed 0.58 percent higher, with the S&P 500 advancing 0.97 percent. The tech-heavy Nasdaq composite finished 1.39 percent higher as well.

The Wall Street gains were powered by eased concerns about a potential recession in the United States, which had shaken the global market earlier this month.

In Seoul, Samsung Electronics gained 1.53 percent, and SK hynix climbed 2.89 percent.

Trading companies also gained ground, with Samsung C&T advancing 1.46 percent and Posco International rising 2.37 percent.

Carmakers opened bullish as well, with Hyundai Motors rising 0.39 percent and its sister Kia increasing 0.29 percent. Hyundai Mobis rose 0.91 percent.

The local currency was trading at 1,332.6 won against the dollar, down 1.4 from the previous session's close.

BY YOON SEUNG-JIN, YONHAP [yoon.seungjin@joongang.co.kr]