Seoul: Seoul shares opened higher Monday, led by technology stocks, as investors went bargain hunting after Wall Street's record-setting advance.
According to Yonhap News Agency, after opening 0.76 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) further gained 101.15 points, or 1.62 percent, reaching 6,359.92 as of 9:15 a.m. This positive movement comes after the KOSPI ended lower for a second straight session on Friday, primarily due to foreign selling.
On Friday, Wall Street saw an upward trend following U.S. job reports. The Dow Jones Industrial Average rose 0.28 percent, while the S and P 500 added 0.62 percent, hitting a fresh record. The tech-heavy Nasdaq Composite Index also increased 1.3 percent.
In Seoul, technology stocks were at the forefront of the gains, with individual and institutional investors engaging in bargain hunting. Market bellwether Samsung Electronics rose 2.49 percent, and its chipmaking rival SK hynix climbed 3.94 percent.
The Korean won was trading at 1,412.1 won against the U.S. dollar as of 9:15 a.m., down 2.6 won from the previous session's close.