Seoul: South Korean stocks opened sharply higher Friday, led by gains in major technology and financial shares, as easing tensions between the United States and China boosted hopes for a trade deal and helped calm recent market jitters. The benchmark Korea Composite Stock Price Index (KOSPI) increased 47.85 points, or 1.24 percent, to 3,893.41 in the first 15 minutes of trading.
According to Yonhap News Agency, after a six-day streak of record gains since last Wednesday, the KOSPI paused on Thursday as investors locked in profits. U.S. shares rebounded Thursday (local time), with the S and P 500 rising 0.6 percent, the tech-heavy Nasdaq composite climbing 0.9 percent, and the Dow Jones Industrial Average adding 0.31 percent.
In Seoul, most large-cap shares traded higher. Chip giant Samsung Electronics increased 1.66 percent and rival SK hynix gained 4.49 percent. No. 1 financial firm KB Financial Group added 0.17 percent while defense giant Hanwha Aerospace decreased 3.91 percent.
The local currency was trading at 1,436.1 won against the greenback as of 9:15 a.m., up 3.5 won from the previous session's close.