Seoul shares open higher on US gains


The Korea Composite Stock Price Index displayed on an electronic board in the dealing room of Hana Bank's headquarters in Seoul opened higher on Tuesday, following the previous day's gains on Wall Street. The index rose by 0.24 percent in the first 15 minutes of trading, reflecting positive investor sentiment driven by expectations of Donald Trump's potential victory in the US presidential election. The Dow Jones Industrial Average, S&P 500, and Nasdaq composite also saw increases following an assassination attempt on Trump, which further fueled optimism for his presidency and the potential for corporate tax cuts and relaxed regulations. In response to these market dynamics, top companies in Seoul experienced varied movements in their stock prices. Samsung Electronics saw a 0.69 percent increase, while SK hynix experienced a 0.65 percent decline. Additionally, Hyundai Motor and Kia saw gains of 2.05 percent and 1.75 percent, respectively, while Shinhan Financial and Hana Financial also demonstrated strong performance with increases of 2.32 percent and 1.13 percent. However, battery shares faced downward pressure due to negative prospects for the electric vehicle industry amid growing expectations of Trump's victory, with LG Energy Solution, Samsung SDI, and Posco Future M all experiencing declines. The local currency was trading at 1,386.20 won against the US dollar at 9:15 a.m., representing a decrease of 3.4 won from the previous session's close.


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