April 26, 2024

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[THE INVESTOR] South Korean stocks opened with a marginal gain on May 26, taking a breather from the previous session‘s rally that hit an all-time high, analysts said.

The benchmark KOSPI was up 0.91 point, or 0.04 percent to trade at 2,343.84 in the first 15 minutes of trading.

The main index closed at a record high on May 25, fueled by the rate freeze of the central bank, which hinted at an upward adjustment of its growth outlook from the current forecast of 2.6 percent, citing robust exports and the new government’s drive for a fiscal stimulus.

Large-cap shares extended their rallies, with chip giant SK hynix rising nearly 1 percent and top IT service firm Naver gaining some 0.8 percent.

But insurance companies moved downward, with Samsung Fire & Marine Insurance falling 0.9 percent. No. 1 steelmaker POSCO also lost nearly 2 percent.

The local currency was trading at 1,121.00 won against the US dollar as of 9:15 a.m., down 4.5 won from the previous close.

By Alex Lee and newswires (alexlee@heraldcorp.com)