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Seoul stocks open tad higher on parliamentary approval of 3rd extra budget


South Korean shares opened slightly higher Monday, following parliamentary approval of the third extra budget meant to support the pandemic-hit economy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.84 points, or 0.41 percent, to 2,161.25 in the first 15 minutes of trading.

The gains came after the National Assembly passed a 35.1 trillion-won ($29.3 billion) extra budget Friday.

The supplementary plan is designed to mitigate the economic fallout of the COVID-19 pandemic.

Large caps traded mixed.

Market bellwether Samsung Electronics gained 1.68 percent, with No. 2 chipmaker SK hynix adding 1.41 percent.

Top pharmaceutical firm Samsung BioLogics dropped 1.69 percent, and leading chemical maker LG Chem retreated 0.99 percent.

The local currency was trading at 1.197.45 won against the US dollar, up 1.15 won from the previous session's close. (Yonhap)