Seoul shares open higher on eased recession woes

South Korean stocks got off to a strong start Friday tracking overnight gains on Wall Street on eased recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) added 36.85 points, or 1.44 percent, to 2,593.58 in the first 15 minutes of trading. In the United States, stock indices finished higher as better-than-expected unemployment data buoyed investor sentiment. The Dow Jones Industrial Average rose 1.76 percent and the tech-heavy Nasdaq Composite jumped 2.87 percent. In Seoul, most shares started in positive territory. Market bellwether Samsung Electronics increased 2.18 percent and its chipmaking rival SK hynix jumped 4.16 percent. Leading battery maker LG Energy Solution rose 1.25 percent and SK Biopharm, a pharmaceutical unit under SK Group, rose 1.22 percent. Top online portal operator Naver gained 3.26 percent on a strong second-quarter earnings report. The local currency was trading at 1,375.95 won against the U.S. dollar, up 1.25 won from the previous session's close. Source: Yonhap News Agency