Middle East live: US military strikes ship violating blockade of Iranian ports

SEOUL, Aug. 12 (Yonhap) -- South Korean shares opened higher on Wednesday, buoyed by gains in major technology stocks, even as U.S. markets experienced losses due to pessimism surrounding the prospects of a potential U.S.-Iran peace deal. Following an opening gain of 1.47 percent, the benchmark Korea Composite Stock Price Index (KOSPI) rose by 149.19 points, or 2.35 percent, reaching 6,494.71 by 9:15 a.m. local time.

Investor sentiment grew increasingly skeptical about the prospects of a deal that could potentially bring stability to the Middle East following remarks from Iran's newly appointed secretary of the Supreme National Security Council. He stated that the Strait of Hormuz would remain closed as long as Washington fails to alter its behavior and accept Tehran's conditions for ending the conflict.

Overnight, the Dow Jones Industrial Average dropped 0.34 percent, while the S&P 500 declined 0.32 percent to 7,728.2. The Nasdaq composite also experienced a decline of 0.60 percent. In Seoul, most large-cap shares managed to trade higher. Market leader Samsung Electronics experienced a gain of 4.18 percent, while its chipmaker rival SK hynix rose by 3.02 percent.

SK Square, the parent company of SK hynix, surged 6.35 percent, and Samsung Electro-Mechanics, an electronics component subsidiary of Samsung Electronics, increased by 3.88 percent. The Korean won was trading at 1,414.2 won per U.S. dollar as of 9:15 a.m., marking a 1.2 won decrease from the previous day's closing.