SEOUL: South Korean stocks got off to a strong start on Wednesday as investors’ sentiment was buoyed by overnight Wall Street rallies, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.83 points, or 0.43 percent, to 2,047.93 in the first 15 minutes of trading.
Market bellwether Samsung Electronics opened higher, rising more than 1 percent. Chemical manufacturer LG Chem also started in positive terrain, rebounding from recent setbacks.
Hanmi Science, a holding company of Hanmi Pharm, surged more than 11 percent following reports that the drug maker has clinched a large-scale license deal with Boehringer Ingelheim.
Auto issues, however, remained bearish, with Hyundai Motor and Kia Motors losing ground.
The Dow Jones industrial average rose 1 percent in overnight trading on eased jitters over China and speculation that the Federal Reserve’s move to hike its interest rate might not come until December.
The local currency was trading at 1,159.35 won against the U.S. dollar as of 9:15 a.m., up 5.5 won from Tuesday’s close.
