Seoul stocks open higher on US gains

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 29, 2022 | 7:15 PM

South Korean shares got off to a strong start Tuesday, tracking overnight gains on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) increased 16.02 points, or 0.59 percent, to reach 2,745.59 as of 9:15 a.m.

Overnight, the US stock market finished higher on hopes over peace talks between Russia and Ukraine. The Dow Jones Industrial Average advanced 0.27 percent, the S&P 500 increased 0.71 percent and the tech-heavy Nasdaq climbed 1.31 percent.

On the Seoul bourse, most large-cap shares gathered ground, with steel and tech shares leading the overall gains.

Market bellwether Samsung Electronics went up 0.57 percent, battery behemoth LG Energy Solution jumped 2.06 percent and chip giant SK Hynix gained 0.85 percent.

Among losers, No. 1 steelmaker Posco Holdings went down 0.67 percent.

The local currency was trading at 1,222 won against the US dollar, up 5.3 won from the previous session’s close. (Yonhap)

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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.