Seoul Stocks Start Higher Following Wall Street Gains

SEOUL, Feb. 5 -- South Korean stocks opened higher on Wednesday, reflecting the positive momentum seen in overnight trading on Wall Street.

The benchmark Korea Composite Stock Price Index (KOSPI) saw an increase of 23.89 points, marking a rise of 0.96 percent, reaching a level of 2,505.58 within the first 15 minutes of the trading session.

In the previous trading session, Wall Street experienced a lift due to reduced fears over trade tensions. This came after U.S. President Donald Trump announced a temporary halt on new tariffs against Canada and Mexico for one month.

The S&P 500 index closed up by 0.72 percent, the Dow Jones Industrial Average saw an increase of 0.30 percent, and the Nasdaq composite rose by 1.35 percent.

Back in Seoul, many leading stocks performed well. Samsung Electronics, a major player in the market, increased by 1.14 percent, while its competitor in the semiconductor sector, SK hynix, went up by 2.09 percent.

Shares in the battery sector and automotive industry also advanced significantly. Notably, LG Energy Solution jumped by 2.55 percent and Hyundai Motor gained 1 percent.

Kakao Bank's stock soared by 2.35 percent following its announcement of record earnings. Conversely, internet technology service provider LG CNS, which debuted on the stock market recently, experienced a decline, dropping by 6.14 percent.

As for the local currency, it was trading at 1,455.20 won against the U.S. dollar at 9:15 a.m., reflecting an increase of 7.70 won from the previous session.

Seoul, stocks, WallStreet