Seoul shares open higher on Wall Street gains

By Larry John Brown

Published: May 27, 2022 | 6:13 PM GMT

South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting.

The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading.

Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent.

In Seoul, large-cap shares gathered ground across the board, with techs and chemicals leading the upturn.

Market heavyweight Samsung Electronics rose 0.91 percent, and No. 2 chipmaker SK hynix surged 2.43 percent.

Top battery maker LG Energy Solution added 0.46 percent, and LG Chem spiked 3.93 percent.

Carmakers also rose, with Hyundai Motor increasing 1.09 percent and Kia advancing 0.73 percent.

Major bio shares traded mixed. Pharmaceutical giant Celltrion soared 2.27 percent, and Samsung Biologics shed 0.6 percent.

The local currency was trading at 1,260.30 won against the US dollar as of 9:15 a.m., up 6.7 won from the previous session’s close. (Yonhap)

About Larry John Brown

Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.