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Seoul stocks open higher despite US losses

South Korean stocks opened higher Wednesday despite losses on Wall Street, with institutions buying stocks on bargain hunting. 

The benchmark Korea Composite Stock Price Index rose 1.26 points, or 0.05 percent, to 2,427.30 in the first 15 minutes of trading. The main index hit a record high of 2,425.10 in the previous session.

Institutional investors bought a net 29 billion won ($26 million) worth of stocks. Foreigners and individuals offloaded a combined 27 billion won in shares. 

(Yonhap)
(Yonhap)

On Tuesday (US time), the Dow Jones industrial average ended down 0.25 percent at 21,574.73.

Automobile stocks fueled gains, with top carmaker Hyundai Motor Co. rising 0.34 percent and Kia Motors Corp. climbing 0.41 percent. Hyundai Mobis Co., a leading car parts manufacturer, was up 0.80 percent.

Among decliners, market bellwether Samsung Electronics Co. fell 0.94 percent, and No. 1 refiner SK Innovation Co. was down 0.59 percent.

The local currency was trading at 1,123.80 won against the US dollar, down 0.70 won from the previous session's close. (Yonhap)

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