Seoul shares open higher on chip gains, tax reform plan

SEOUL, Sept. 15 (Yonhap) -- South Korean stocks opened higher Monday, driven by chip shares, as the government decided to scrap a plan to lower the threshold of major shareholders subject to the capital gains tax.
The benchmark Korea Composite Stock Price Index (KOSPI) added 13.6 points, or 0.4 percent, to 3,409.14 in the first 15 minutes of trading.
The KOSPI has rallied in recent sessions, with the index reaching a new record high for the third consecutive day Friday, closing at 3,395.54.
Foreigners went on a net buying mode, offsetting institutional and individual selling.
Investors welcomed the news that the government decided to keep the threshold for the capital gains tax on stock holdings at the current level of 5 billion won (US$3.6 million), reversing its earlier proposal to lower it to 1 billion won amid opposition.
Market bellwether Samsung Electronics surged 2.12 percent, and chip giant SK hynix advanced 1.83 percent.
Leading battery maker LG Energy Solution edged up 0.14 percent, and major chemical firm LG Chem increased 0.34 percent.
But defense giant Hanwha Aerospace dipped 0.5 percent, and major bio company Samsung Biologics lost 0.58 percent.
Leading shipbuilder HD Hyundai Heavy sank 1.57 percent, and No. 1 financial firm KB Financial Group went down 0.34 percent.
Automakers opened lower. Top automaker Hyundai Motor dipped 3.36 percent, and its sister affiliate Kia retreated 2.93 percent.
The local currency was trading at 1,391.85 won against the greenback at 9:15 a.m., down 3.65 won from the previous session.

Sumber : yna.co.kr