Seoul: South Korean stocks opened higher Thursday, taking a cue from U.S. gains, as investors monitored developments on the potential revision of the Commercial Act and tariff talks with the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.66 points, or 0.83 percent, to 3,100.72 in the first 15 minutes of trading.
According to Yonhap News Agency, investors welcomed the news about a compromise between rival parties on the revision of the shareholder-friendly Commercial Act, as well as a tariff agreement between the U.S. and Vietnam. Overnight, the S and P 500 index and the tech-heavy Nasdaq composite rose 0.47 percent and 0.94 percent, respectively, both closing at record highs. The Dow Jones Industrial Average edged down 0.02 percent. In Seoul, most big-cap tech shares opened higher.
Market bellwether Samsung Electronics surged 2.8 percent, while chip giant SK hynix opened unchanged. Leading battery maker LG Energy Solution surged 1.82 percent, and top steelmaker POSCO Holdings soared 5.38 percent. Carmakers opened higher. Top automaker Hyundai Motor climbed 1.17 percent, and its sister affiliate Kia advanced 1.2 percent.
Leading financial firm KB Financial went up 0.62 percent, and defense giant Hanwha Aerospace jumped 3.42 percent. Top online portal operator Naver increased 0.4 percent, and Kakao, the operator of the country's dominant mobile messenger, climbed 2.39 percent. The local currency was trading at 1,354.3 won against the greenback at 9:15 a.m., up 4.4 won from the previous session.