Seoul shares open higher on New York gains

Seoul shares open higher on New York gains

The benchmark Korea Composite Stock Price Index rose 20.40 points, or 1.09 percent, to 1,882.09 in the first 15 minutes of trading.

The index was trading 24.9 percent higher at 1896.59 points as of 9:50 a.m.

The Dow Jones industrial average jumped 1.78 percent and the Nasdaq composite index rose 1.09 percent on a recovery in oil prices triggered by OPEC’s renewed calls for production cuts.

Most blue chips opened higher, with market bellwether Samsung Electronics up 1.04 percent, No. 1 steelmaker POSCO spiking 3.52 percent and industry leader LG Chem surging 2.69 percent.

The local currency was trading at 1,198.7 won against the U.S. dollar as of 9:15 a.m., up 5.5 won from Tuesday’s close.


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