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Seoul Shares Open Higher on U.S. Gains


Seoul: Seoul shares opened higher Thursday, tracking an overnight rally on Wall Street, while investors waited for the outcome of the South Korean central bank’s first rate decision meeting this year. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.88 points, or 1.2 percent, to 2,526.69 in the first 15 minutes of trading.



According to Yonhap News Agency, major U.S. indexes rallied as blue chip tech shares gained ground, backed by signs of slowing inflation in the latest consumer price index, which reinforced bets the Federal Reserve will continue with its monetary easing cycle this year. The Dow Jones Industrial Average advanced 1.65 percent, the S and P 500 jumped 1.83 percent, and the tech-heavy Nasdaq Composite soared 2.45 percent.



Investors’ eyes are now on the Bank of Korea’s rate decision due later in the day. In Seoul, market bellwether Samsung Electronics rose 1.3 percent, and its chipmaking rival SK hynix surged 4.94 percent. Leading battery maker LG Energy Solution gained 1.42 percent, and top carmaker Hyundai Motor increased 0.91 percent. Steel giant POSCO Holdings climbed 2.53 percent.



Major shipbuilder HD Hyundai Heavy was among the few decliners, down 1.11 percent. The local currency was trading at 1,454.5 won against the greenback at 9:15 a.m., up 6.7 won from the previous session.

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