April 26, 2024

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[THE INVESTOR] South Korean stocks opened slightly higher on March 29, tracking overnight gains on Wall Street that were spurred by positive consumer data, analysts said.

The benchmark KOSPI rose 5.08 points, or 0.23 percent, to 2,168.39 in the first 15 minutes of trading.  

US markets rallied after the data showed that its consumer confidence for March surged to an over 16-year high, underlining that its economy remains sound with a narrowing trade deficit and anticipation for a better jobs market.

Large-cap shares here gathered ground, with top-cap Samsung Electronics climbing 0.7 percent and SK hynix rising 1.4 percent.

Chemical firms also got off to a strong start, with LG Chem jumping 1.4 percent.

But auto and telecom issues trended downward. Top automaker Hyundai Motor fell 0.3 percent. SK Telecom, the No. 1 mobile carrier in the country, dropped 0.4 percent.

The local currency was trading at 1,115.50 won against the US dollar as of 9:15 a.m., down 2.5 won from March 28.

(theinvestor@heraldcorp.com)