Seoul shares open higher on U.S. gains

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street buoyed by expectations for Donald Trump's victory in the U.S. presidential election. The benchmark Korea Composite Stock Price Index rose 6.95 points, or 0.24 percent, to 2,867.87 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average jumped 0.53 percent to hit a fresh high, while the S and P 500 and Nasdaq composite rose 0.28 percent and 0.4 percent, respectively, following an assassination attempt on Trump. The incident over the weekend increased expectations he will take over the White House, bolstering hopes for more corporate tax cuts and looser regulations. In Seoul, top tech giant Samsung Electronics increased 0.69 percent, while No. 2 chipmaker SK hynix lost 0.65 percent. Auto and financial firms kicked off strong. Hyundai Motor soared 2.05 percent and its smaller affiliate Kia advanced 1.75 percent. Shinhan Financial jumped 2.32 percent, and Hana Financial climbed 1.13 percent. But battery sh ares started off weak on negative prospects for the electric vehicle industry with increasing bets on Trump's victory in the U.S. presidential election. Industry leader LG Energy Solution dropped 1.53 percent, Samsung SDI lost 1.72 percent, and POSCO Future M plunged 2.05 percent. The local currency was trading at 1,386.20 won against the U.S. dollar at 9:15 a.m., down 3.4 won from the previous session's close. Source: Yonhap News Agency