SEOUL: South Korean stocks opened higher Thursday, taking a cue from overnight Wall Street rallies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.24 points, or 0.55 percent, to 2,062.56 in the first 15 minutes of trading.
Major shares started higher with auto and chemical companies leading the gains.
Top carmaker Hyundai Motor jumped 3.72 percent, while smaller affiliate Kia Motors advanced 4.63 percent.
LG Chem, the country’s leading chemicals maker, rose 1.91 percent, and Naver, the operator of the No. 1 Internet portal, also gained 1.58 percent.
U.S. stock markets rallied overnight on signs of progress in negotiations over Greece’s debt problem. The Dow Jones Industrial Average jumped 1.33 percent following a media report that Germany will be willing to help Greece in exchange for a move to tighten its budget.
The local currency was trading at 1,111.95 won against the U.S. dollar as of 9:15 a.m., down 3.75 won from Wednesday’s close.
