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Seoul Shares Gain as U.S. Shutdown Resolution Looms

Seoul: Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street, amid hopes for an end to the U.S. government shutdown. The benchmark Korea Composite Stock Price Index (KOSPI) rose 89.06 points, or 2.19 percent, to 4,162.30 in the first 15 minutes of trading.

According to Yonhap News Agency, the Dow Jones Industrial Average gained 0.81 percent overnight, while the tech-heavy Nasdaq Composite advanced 2.27 percent. The U.S. Senate advanced a plan to end the record-long government shutdown, and President Donald Trump expressed support for the bipartisan deal.

In Seoul, most large-cap stocks traded higher. Market bellwether Samsung Electronics jumped 3.88 percent, and its chip rival SK hynix climbed 3.3 percent. Top automaker Hyundai Motor rose 0.74 percent, while its smaller affiliate Kia gained 0.97 percent. Leading battery maker LG Energy Solution added 3.97 percent, and leading shipbuilder HD Hyundai Heavy Industries rose 2.04 percent.

Among decliners, Hyundai Steel slipped 0.78 percent, and leading shipping firm HMM lost 0.74 percent. The local currency had been trading at 1,456.75 won against the U.S. dollar as of 9:15 a.m., down 5.35 won from the previous session's close.

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