Seoul shares open sharply higher on tech gains


The Korea Composite Stock Price Index displayed on an electronic board at Kookmin Bank headquarters in Seoul showed a significant increase in South Korean stocks at the opening of trading on Friday. This rise was supported by the strong performance of large-cap technology and financial companies. The benchmark index surged by 38.36 points, or 1.43 percent, reaching 2,727.86 within the first 15 minutes of trading. Meanwhile, in the US, the stock market closed with mixed results as investors exercised caution ahead of the release of crucial jobs data, which is expected to influence the Federal Reserve's rate policy. In Seoul, key companies such as Samsung Electronics and SK hynix experienced gains, with the latter soaring by 4.28 percent. Additionally, battery companies like LG Energy Solution and Samsung SDI continued to build on their previous session's gains. Financial firms also saw significant increases, with KB Financial Group, Shinhan Financial Group, and Hana Financial Group all recording notable gains. Furthermore, Posco Holdings and LG Chem, representing the steel and chemical sectors respectively, also saw their stock prices rise. The local currency, the won, was trading at 1,367.40 against the US dollar, marking an increase of 5.6 won from the previous session's close.


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