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Seoul stocks open higher on economic recovery hopes

(Yonhap)
(Yonhap)

South Korean stocks opened higher Thursday on hopes of an economic recovery, led by chipmakers.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.02 points, or 1.49 percent, to 2,179.02 in the first 15 minutes of trading.

The gain is largely attributed to rising hope for an economic rebound. The country's largest-ever extra budget proposal to fight the fallout of the new coronavirus also fueled the optimism.

Large caps mostly traded higher with chipmakers, financials and shipbuilders leading the gain.

Market bellwether Samsung Electronics jumped 3.12 percent, while No. 2 chipmaker SK hynix gained 1.8 percent.

Shinhan Financial Group climbed 1.4 percent, and top steelmaker POSCO advanced 0.99 percent. Samsung Heavy Industries shot up 5.45 percent.

The local currency was trading at 1,216.55 won against the US dollar, up 0.25 won from the previous session's close. (Yonhap)
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