Seoul shares open higher ahead of U.S. jobs data

Seoul shares opened higher Friday as investors await U.S. jobs data this week for clues on the Federal Reserve's future policy path. The benchmark Korea Composite Stock Price Index (KOSPI) gained 15.66 points, or 0.55 percent, to 2,840.60 in the first 15 minutes of trading. Institutions and foreigners bought a combined 358 billion won (US$260 million) worth of stocks, offsetting individuals' stock selling valued at 352 billion won. The U.S. jobs report due Friday (U.S. time) is forecast to show slowing job growth in June, raising hopes that the Fed will cut interest rates within this year. In Seoul, tech and auto stocks led gains. Market bellwether Samsung Electronics Co. rose 1.3 percent, No. 2 chipmaker SK hynix Inc. climbed 0.4 percent, top automaker Hyundai Motor Co. gained 0.7 percent, and its smaller affiliate Kia Corp. was up 0.9 percent. Among decliners, leading battery maker LG Energy Solution Ltd. fell 1.7 percent, leading wireless services provider SK Telecom Co. declined 0.2 percent, and le ading refiner SK Innovation Co. shed 1.8 percent. The local currency was trading at 1,378.90 won against the U.S. dollar, up 1.5 won from the previous session's close. Source: Yonhap News Agency