SEOUL — South Korean stocks opened strong on Tuesday, following overnight gains in the U.S. stock markets, analysts reported. The benchmark Korea Composite Stock Price Index (KOSPI) increased by 7.09 points, or 0.31 percent, reaching 2,317.64 within the first 15 minutes of trading. U.S. stocks had closed higher overnight, with the Dow Jones Industrial Average rising 1.58 percent and the Nasdaq Composite increasing by 1.16 percent. The positive shift occurred as investors acquired undervalued shares in anticipation of the U.S. Federal Reserve's upcoming monetary policy meeting.
According to Yonhap News Agency, In the Seoul market, Samsung Electronics saw a 1.19 percent rise even after reporting a 37.8 percent year-on-year decline in its third-quarter net income. SK hynix, the second-largest chipmaker in South Korea, also went up by 1.09 percent. Among other movers, top online portal operator Naver jumped by 2.04 percent, while Kakao, the operator of the country's leading mobile messenger, gained 1.32 percent.
Automakers also experienced upward momentum, with Hyundai Motors ascending by 1.39 percent and its smaller counterpart, Kia, advancing by 1.02 percent. Auto parts manufacturer Hyundai Mobis also saw a 0.95 percent rise.
At 9:15 a.m., the local currency was trading at 1,347.4 won against the U.S. dollar, an increase of 3.5 won compared to the previous session's close.