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Seoul Stocks Rise Following U.S. Tech Rebound

Seoul: South Korean stocks opened higher Tuesday, tracking a lift in Wall Street led by a rebound in tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.53 points, or 0.48 percent, to 4,125.46 in the first 15 minutes of trading.

According to Yonhap News Agency, overnight, major U.S. indexes continued to show a bull run led by tech stocks, fueling expectations for a year-end Santa Claus rally. The Dow Jones Industrial Average closed 0.47 percent higher, while the tech-heavy Nasdaq composite added 0.52 percent, and the S and P 500 gained 0.64 percent.

In Seoul, tech giant Samsung Electronics climbed 0.81 percent, while its chipmaking rival SK hynix advanced 1.72 percent. Shipbuilders kicked off strong after U.S. President Donald Trump unveiled a plan to build a new naval warship in cooperation with Hanwha. Hanwha Ocean jumped 5.2 percent, while its rivals HD Hyundai Heavy and HD Korea Shipbuilding and Offshore rose 1.56 percent and 0.72 percent, respectively.

Defense giant Hanwha Aerospace gained 0.68 percent, and insurance firm Samsung Life Insurance climbed 3.43 percent. On the other hand, leading battery maker LG Energy Solution dipped 0.9 percent, and state-run Korea Electric Power lost 1.43 percent. The Korean won was trading at 1,482.7 won against the U.S. dollar, down 2.6 won from the previous session's close.

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