Seoul stocks open sharply higher on bargain hunting

SEOUL, Feb. 3 (Yonhap) -- South Korean stocks opened sharply higher Tuesday, recovering from the previous session's trough, as investors hunted for bargain large cap shares.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 172.05 points, or 3.48 percent, to 5,121.72 in the first 15 minutes of trading.
On Wall Street, major stock indexes closed higher as upbeat manufacturing data helped investors shrug off lingering trade tensions and renewed concerns over the Federal Reserve's policy direction.
Data from the Institute for Supply and Management showed that U.S. manufacturing activity grew for the first time in a year in January.
Gold and silver prices sank further, following recent swings that rattled global stock markets.
The two precious metals nosedived on Friday, after President Donald Trump nominated Kevin Warsh as the new Federal Reserve chair. Warsh is widely considered a hawkish figure, which would reduce the need to hold safe haven assets such as gold.
In Seoul, most large cap shares were trading higher.
Top-cap Samsung Electronics added 5.52 percent, while its chip making rival SK hynix jumped 6.02 percent.
Defense giant Hanwha Aerospace was up 4.6 percent and major financial group KB Financial rose 3.22 percent, while major portal operator Naver dipped 0.93 percent.
The local currency was quoted at 1,450 won against the U.S. dollar, up 14.3 won from the previous session.

Sumber : yna.co.kr