The stock marketi in South Korea is trading higher on Friday morning, taking cues from Wall Street, where the major indices ended in positive territory following strong preliminary results from Wells Fargo for the quarter, which raised hopes that that the financials were not a lost cause, and some better-than-expected economic data.
On Thursday, the Dow closed up 246.27 points or 3.14% at 8,083, the Nasdaq closed up 61.88 points or 3.89% at 1,653 and the S&P 500 closed up 31.40 points or 3.81% at 857.
The New York Mercantile Exchange is closed on the eve of Good Friday. Light sweet crude for May delivery rose about 6% or $2.86 to $52.34 a barrel on Thursday, following better-than-expected results from retailers suggesting a possible rise in consumer spending.
The benchmark KOSPI Index opened Friday's session at 1,341, sharply higher than its previous close of 1,316, and is currently trading at 1,332, up 1.19% or 15.31 points.
The local currency, the Won, opened higher against the greenback at 1310 Won per US$, up from 1,322.50 Won, and is currently quoted at 1,320 Won per US$.
Financials are trading higher. KB Financial Group is advancing 2.51%, Shinhan Financial is gaining 2.67% and Woori Finance is surging 8.13%.
Among shipbuilders, Hyundai Heavy Industries is adding 0.24%, Samsung Heavy Industries is advancing 1.94% and Daewoo Shipping is gaining 1.10%.
Market heavyweight Samsung Electronics is gaining 2.59%. Among the other technology stocks, Hynix Semiconductor is losing 3.55% and LG Electronics is down 1.02%, but LG Display is gaining 2.56%.
In the auto space, Hyundai Motor is edging down 0.92%, and Kia Motor is slipping 0.52%. However, Ssangyong Motor is advancing 6.89%.
Among oil-related stocks, S-Oil is gaining 0.83%,while SK Holdings is edging down 0.17%.
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