South Korean stocks higher at open, KOSPI gains 5.4pts

SEOUL: South Korean stocks started higher Monday as major insurance shares rose after announcing shareholder-friendly policies.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.4 points, or 0.27 percent, to 2,034.87 in the first 15 minutes of trading.

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Samsung Life Insurance, a unit of top conglomerate Samsung Group, jumped 4.13 percent after it announced a share buyback program worth 700 billion won (US$613.1 million) on Friday, following suits of other affiliates adopting shareholder-friendly policies.

SK Telecom, the nation’s No. 1 mobile carrier, fell 0.62 percent after the firm said it will acquire CJ Hellovision, a leading cable television operator.

The local currency was trading at 1,140.8 won against the U.S. dollar as of 9:15 a.m., down 0.7 won from Friday’s close.