The stock market in South Korea opened higher and is trading in positive territory on Friday morning, taking cues from Wall Street where the major indices rose for the third consecutive day on expectations that the global economy is showing signs of stabilization. Positive comments from the G20 meeting, and a change in the mark-to-market accounting rules for banks by FASB also lifted the market sentiment.
On Thursday, the Dow closed up 216.48 points or 2.8% at 7,978, the Nasdaq closed up 51.03 points or 3.3% at 1,604 and the S&P 500 closed up 23.30 points or 2.9% at 834.
In Asian trading, Crude oil is currently down $0.49 at $52.15 a barrel in electronic trading. Light sweet crude for May delivery closed up $4.25 at $52.64 a barrel on the New York Mercantile Exchange on Thursday, after hitting an intra-day low of $48.45 and a high of $52.87, on improved demand prospects amid hopes the G-20 summit will help pull the world out of the economic crisis.
The benchmark KOSPI Index opened Friday's session at 1,289, higher than its previous close of 1,277, and is currently trading at 1,281, up 3.88 points, or 0.30%.
The local currency, the Won, opened higher against the US greenback at 1315 Won per US$, up from 1,334.50 Won, and is currently quoted at 1,344 Won per US$.
Automakers, financials and technology stocks are trading higher. Among the automakers, Hyundai Motor is gaining 1.48%, Kia Motor is advancing 2.39% and Ssangyong Motor is adding 0.77%.
Among technology stocks, Hynix Semiconductor is rising 0.79%, LG Electronics is advancing 0.61%, and LG Display is gaining 0.83%. On the other hand, market heavyweight Samsung Electronics is down 0.34%.
Financials are also trading higher. KB Financial Group is moving up 2.85%, Shinhan Financial is advancing 3.24% and Woori Finance is gaining 3.02%.
Oil-related stocks are moving to the upside. While SK Holdings is gaining 0.43%, S-Oil is losing 1.19%.
Shipbuilders are trading weak. Hyundai Heavy Industries is losing 0.95%, Samsung Heavy Industries is down 0.77%, and Daewoo Shipping is shedding 0.67%.
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