Seoul Shares Rebound on Blue-Chip Gains

South Korean stocks opened higher Wednesday as institutions and retail investors bought tech, securities and other blue-chip issues.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 13.51 points, or 0.90 percent, to 1,522.84 in the first 15 minutes of trading.

High tech shares chalked up substantial gains, with tech behemoth Samsung Electronics and flat panel giant LG Display advancing 0.9 percent and 1.77 percent, respectively. Samsung Securities and other brokerages also gained.

Banking and telecom shares, however, lost ground. Top lender Kookmin Bank plunged more than 5 percent and leading mobile carrier SK Telecom shed 2.14 percent.

The tech-savvy Kosdaq market opened 0.6 percent higher at 526.16, boosted by a fall in crude oil prices, but the rise narrowed due to massive foreign selling. The Kosdaq index rose 0.43 percent to 525.25 as of 10 a.m.

The Korean currency was trading at 1,006.05 won to the U.S. dollar as of 9:15 a.m., up 1.15 won from Tuesday's close.