Seoul shares open higher on tech, bio gains

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Seoul shares open higher on tech, bio gains

SEOUL, Aug. 1 (Yonhap) -- South Korean stocks got off to a strong start Tuesday, drive by gains in tech and bio shares amid hopes of a soft landing for the U.S. economy.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.09 points, or 0.57 percent, to 2,647.67 in the first 15 minutes of trading.

All three major U.S. stock indexes finished higher Monday (U.S. time) on upbeat corporate earnings. The S&P 500 closed at a 16-month high of around 4,590.

In Seoul, IT and bio shares drove up the KOSPI, while tech blue chips traded mixed.

Internet portal operator Naver soared 4.85 percent, and Kakao, the operator of the popular mobile messenger KakaoTalk, jumped 4.48 percent.

Bio shares were strong, with Samsung Biologics advancing 4.18 percent and Celltrion rising 1.5 percent.

Large-cap tech shares were mixed.

Market bellwether Samsung Electronics added 1.15 percent, and No. 2 chipmaker SK hynix went up 1.54 percent.

But leading battery maker LG Energy Solution lost 0.36 percent. Samsung SDI was unchanged.

Auto shares also traded mixed, with Hyundai Motor gaining 0.46 percent and its affiliate Kia retreating 0.48 percent.

Steel giant POSCO Holdings lost 0.47 percent.

The local currency was trading at 1,276.5 won against the U.S. dollar at 9:15 a.m., down 1.9 won from Monday's close.

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