Seoul shares open sharply up on bargain hunting


Seoul shares started the day higher as investors looked for opportunities to acquire undervalued blue chip stocks, following a more than 3 percent drop in the local market due to concerns about the US economy. The Korea Composite Stock Price Index rose by 21.63 points, or 0.84 percent, reaching 2,602.43 within the first 15 minutes of trading. The previous day, the index had experienced a 3.15 percent decline due to worries about a potential US economic slowdown triggered by a worse-than-expected manufacturing purchasing managers index for August. In the US, stocks closed with mixed results, with the Dow Jones Industrial Average slightly increasing by 0.09 percent after a 1.51 percent drop the day before, while the Nasdaq declined for a second consecutive session by 0.30 percent. In Seoul, major companies showed mixed trading. Samsung Electronics, the market leader, saw a 1.14 percent increase, while SK hynix, the world's second-largest chipmaker, surged by 3.10 percent. Hyundai Motor and Kia Motors, leading car manufacturers, added 0.65 percent and 0.70 percent, respectively, and top battery maker LG Energy Solution advanced by 0.63 percent. The local currency was trading at 1,335.65 won against the US dollar, showing an increase of 6.55 won from the previous session.


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