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Seoul shares open higher ahead of major earnings reports
By YonhapPublished : Oct. 25, 2022 - 09:50
South Korean stocks opened higher Tuesday, as investors await quarterly earnings reports from major companies this week, including tech giant Samsung Electronics Co., amid worries over global inflation and monetary tightening.
The benchmark Korea Composite Stock Price Index rose 7.74 points, or 0.35 percent, to 2,243.90 in the first 15 minutes of trading.
Top companies are set to release their third-quarter earnings later this week. The results will likely offer investors a clue as to how they are doing in the face of such headwinds as global inflation and monetary tightening to rein in sharp price growth.
High-profile tech companies gained ground, with market heavyweight Samsung Electronics, whose earnings are due out Thursday, up more than 1 percent.
Chip giant SK hynix rose 1.1 percent, and top battery maker LG Energy Solution climbed 1.8 percent.
In contrast, leading chemicals producer LG Chem fell more than 2 percent. Top refiner SK Innovation was also down 0.3 percent.
The local currency was trading at 1,440.50 won against the US dollar as of 9:15 a.m., down 0.8 won from Monday's close. (Yonhap)
