South Korean stocks start at 4-year high

South Korean stocks opened higher Tuesday on strong foreign buying, with its benchmark index reaching a near four-year high.
The benchmark Korea Composite Stock Price Index gained 2.54 points, or 0.12 percent, to trade at 2,101.46 points in the first 15 minutes of trading.

It touched the 2,100-point landmark for the first time since it closed at 2,121.27 on August 2, 2011.

The tech-savvy KOSDAQ traded at a seven-year high of 690.2 points.

Foreigners continued their buying spree for the sixth consecutive session, scooping up 39.7 billion won ($36 million).

Carmakers were strong, with industry leader Hyundai Motor adding 0.3 percent and its sister Kia Motors rising 1.3 percent.

Top oil refiner SK Innovation advanced 1.75 percent, and No. 3 S-Oil moved up 1.22 percent.

Hotel Shilla soared 6.19 percent on news that it will join hands with Hyundai Development Co. to run a duty-free shop in southern Seoul.

The local currency was changing hands at 1,099 won against the U.S. dollar as of 9:15 a.m., down 0.4 won from Monday’s close. (Yonhap)


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