Seoul shares open higher on defense, shipbuilding gains despite U.S. losses

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Seoul shares open higher on defense, shipbuilding gains despite U.S. losses

SEOUL, Jan. 8 (Yonhap) -- Seoul shares opened higher Thursday, backed by gains in defense and shipbuilding stocks, to extend a record-setting rally despite overnight losses on Wall Street.

The Korea Composite Stock Price Index (KOSPI) rose 5.27 points, or 0.12 percent, to 4,556.33 in the first 15 minutes of trading.

On Wednesday, the KOSPI climbed 0.57 percent to close at an all-time high of 4,551.06. The index briefly topped the 4,600-point mark, touching an intraday high of 4,611.72.

Overnight, U.S. stocks ended mixed. The Dow Jones Industrial Average fell 0.94 percent, while the tech-heavy Nasdaq Composite rose 0.16 percent.

Defense and shipbuilding stocks led the gains.

Leading shipbuilder HD Hyundai Heavy Industries jumped 5.39 percent, while defense giant Hanwha Aerospace soared 8.12 percent on expectations of robust fourth-quarter earnings.

Top carmaker Hyundai Motor rose 0.43 percent, and No. 2 steelmaker Hyundai Steel climbed 2.74 percent.

Among decliners, market bellwether Samsung Electronics fell 0.78 percent, and national flag carrier Korean Air dropped 0.45 percent.

The local currency was trading at 1,449.10 won against the U.S. dollar at 9:15 a.m., down 3.3 won from the previous session.

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