South Korean stocks opened higher Monday as the country launched a temporary ban on stock short selling to crack down on illegal market practices by global investment banks.

The benchmark Korea Composite Stock Price Index climbed 48.16 points, or 2.03 percent, to 2,416.50 in the first 15 minutes of trading.

On Sunday, the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility and the illegal short selling practices undermining market stability.

In Seoul, steel and battery shares led the overall gains, with top steelmaker Posco Holdings rising 7.42 percent and leading battery company LG Energy Solution soaring 10.45 percent.

Chemical shares kicked off higher as well, with chemical giant LG Chem increasing 4.35 percent and major oil refiner SK Innovation gaining 4.74 percent.

Leading carmaker Hyundai Motor rose 0.98 percent, and its smaller affiliate Kia added 0.9 percent. Auto parts maker Hyundai Mobis moved up 0.46 percent.

The local currency was trading at 1,312.05 won against the U.S. dollar at 9:15 a.m., up 10.35 won from the previous session's close. (Yonhap)

• ·S. Korea logs current account surplus for 4th month in August
• ·이원욱 “이재명, 최강욱 징계 반발하는 개딸과 이별해야”
• ·Dyson vows to enhance customer service in Korea
• ·S. Korea, Britain forge strategic partnership on ODA projects
• ·LG CNS launches new AI platform for corporate clients
• ·이원욱 “이재명, 최강욱 징계 반발하는 개딸과 이별해야”
• ·[From the Scene] Incheon Airport goes global to Batam, Indonesia
• ·Fifty Fifty enters Billboard's year
• ·Russian, Uzbek nationals under investigation after campsite brawl
• ·Zyx Technology donates CAD software to Sungkyunkwan University
• ·이상민 “민주당 지도부 아무도 연락 없어, 어느 정도 마음 정했다”
• ·[Herald Interview] ‘Digital paradigm shift to VR will happen 2026’
• ·민주당 개표 초반부터 환호성…김태우 캠프엔 적막 가득했다
• ·City becomes attractive when social minorities are empowered: Seoul mayor
• ·Ready meals gain attention at 2023 Coex Food Week
• ·Christmas comes early with aespa's 'Jingle Bell Rock'