Seoul stocks open higher on U.S. jobs report

SEOUL, June 7 (Yonhap) — South Korean stocks opened higher Monday as investor sentiment was boosted by slower-than-expected U.S. jobs data that partially eased concerns of early inflation.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.48 points, or 0.54 percent, to reach 3,257.56 points in the first 15 minutes of trading.

The KOSPI got off to a bullish start as investors are relieved that the increase in U.S. non-agricultural jobs in May turned out to be slower than the market consensus.

The key stock index snapped its winning streak in the previous session ahead of the data’s release, largely due to investors concerns that a fast job increase may prompt the Federal Reserve’s discussion on tapering its asset-buying program as early as this month.

In Seoul, market bellwether Samsung Electronics added 0.24 percent, and No. 2 chipmaker SK hynix advanced 0.39 percent.

Internet portal operator Naver increased 1.4 percent, with giant pharmaceutical firm Samsung Biologics climbing 0.95 percent.

Top automaker Hyundai Motor moved up 1.66 percent, and leading chemical firm LG Chem gained 1.11 percent.

The local currency was trading at 1,109.65 won against the U.S. dollar, up 6.85 won from the previous session’s close.

The article from the source


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