Seoul shares open higher on recovery hopes

SEOUL, July 8 (Yonhap) -- South Korean stocks started higher on Friday as better U.S. job data eased concerns about a global economic slowdown, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.61 points, or 0.71 percent, to trade at 2,184.20 in the first 15 minutes of trading. U.S. markets closed higher on Thursday, powered by better-than-expected employment data and retail sales figures. The Dow Jones industrial average rose 0.74 percent and the tech-laden Nasdaq Composite Index gained 1.36 percent. Chip giant Hynix Semiconductor rose 1.14 percent ahead of its creditors' move to close preliminary bids for the chipmaker. Market watchers expect STX Group and SK Telecom to submit letters of intent to buy a 15 percent stake in Hynix Semiconductor. STX Group advanced 2.88 percent, while SK Telecom fell 2.27 percent. The local currency was trading at 1,059.15 won to the U.S. dollar as of 9:15 a.m., up 4.95 won from Thursday's close.