Seoul stocks open higher on bargain hunting

A currency dealer walks past an electronic board showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks opened higher Tuesday as investors sought to buy oversold stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.44 points, or 0.43 percent, to 2,939.16 in the first 15 minutes of trading.

Stocks started solid after the KOSPI’s recent slump, which stemmed from worries that the US Federal Reserve may push harsher-than-expected tapering and rate hikes.

Most large caps rebounded in Seoul, led by foreign buying.

Top cap Samsung Electronics added 0.64 percent, No. 2 chipmaker SK hynix increased 1.2 percent, and pharmaceutical giant Samsung Biologics climbed 0.36 percent.

Leading automaker Hyundai Motor moved up 0.48 percent, and internet portal operator Naver advanced 1.49 percent.

Among losers, Kakao lost 1.52 percent, with steelmaker POSCO declining 1.48 percent.

The local currency was trading at 1,196.7 won against the US dollar, down 2.4 won from the previous session’s close. (Yonhap)

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