Seoul shares open higher on easing banking crisis

Seoul shares opened higher Tuesday due to the eased banking crisis in the wake of tightening monetary policies in major economies.

The benchmark Korea Composite Stock Price Index (KOSPI) moved up 11.89 points, or 0.49 percent, to 2,421.11 in the first 15 minutes of trading.

The market has been bracing for a banking crisis sparked by unprecedented rate hikes in major economies.

Most large caps traded higher in Seoul on Tuesday.

Market bellwether Samsung Electronics added 0.32 percent, and SK hynix gained 0.94 percent.

Portal operator Naver slipped 0.05 percent, but leading carmaker Hyundai Motor grew 0.85 percent. Bio heavyweight Samsung Biologics increased 0.25 percent.

The local currency was trading hands at 1,295.85 won against the dollar as of 9:15 a.m., up 5.65 won from the previous session's close.

Source: Yonhap News Agency