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Seoul shares start higher recovering from China-triggered sell-off

2016/01/05 09:24

SEOUL, Jan. 5 (Yonhap) -- South Korean shares opened higher on Tuesday, recovering from the previous day's plunge triggered by Chinese turmoil, as investors scooped up oversold stocks.

The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.49 points, or 0.03 percent, to 1,919.25 in the first 15 minutes of trading.

Market heavyweights traded mixed.

Top market cap Samsung Electronics slumped 0.08 percent, while global chipmaker SK Hynix rose 2.65 percent.

No. 1 automaker Hyundai Motor gained 0.69 percent, and its smaller affiliate Kia Motors went down 0.2 percent.

On Monday, China's stock market plunged nearly 7 percent, hitting the lowest level in nearly three months on renewed concerns over a slowdown in the world's No. 2 economy.

U.S. stocks dropped 1.58 percent on Monday amid concerns over a slowdown in China and rising tension between Saudi Arabia and Iran. The tech-laden Nasdaq Composite also shed 2.08 percent.

The local currency was trading at 1,180.00 won against the U.S. dollar as of 9:15 a.m., down 0.3 won from the previous session's close.