South Korean stocks start higher on ECB statement, KOSPI achieves 18.26pts

SEOUL: South Korean stocks opened higher Friday on the European Central Bank’s announcement of a massive stimulus for the euro zone, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 18.26 points, or 0.95 percent, to 1,939.08 in the first 15 minutes of trading.

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The ECB said it will purchase more than 60 billion euros ($68.1 billion) worth of bonds from March, a decision intended to turn around stagnation in the eurozone economies.

Tech shares traded higher, with Samsung Electronics adding 1.09 percent and SK hynix climbing 1.38 percent. LG Display gained 1.29 percent.

Carmakers also opened bullish, with Hyundai Motor climbing 0.6 percent and its smaller sister Kia Motors moving up 0.2 percent. Auto parts affiliate Hyundai Mobis increased 1.2 percent.

The local currency was trading at 1,086.35 won against the U.S. dollar as of 9:15 a.m., down 1.45 won from Thursday’s close. (Yonhap)