Seoul shares open higher despite US losses amid Middle East pessimism
Korean shares opened higher Wednesday, led by gains in major technology stocks, despite overnight losses on Wall Street as optimism over a potential U.S.-Iran peace deal faded. After opening 1.47 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) traded up 149.19 points, or 2.35 percent, at 6,494.71 as of 9:15 a.m. Investors became more pessimistic about the prospects for a…
Korean stocks opened in a bullish trend on Wednesday, propelled by strong performances of major technology companies, despite a downturn on Wall Street. The KOSPI, a key market index, rose by 149.19 points, or 2.35 percent, reaching 6,494.71 by 9:15 a.m. local time. This positive sentiment was tempered by growing skepticism regarding the prospects for a U.S.-Iran peace agreement.
This apprehension stemmed from statements made by Iran's Supreme National Security Council secretary, who indicated that the Strait of Hormuz would remain closed until the United States altered its approach to accommodate Tehran's demands for an end to the conflict. During the preceding trading session, the Dow Jones Industrial Average witnessed a dip of 0.34 percent, the S&P 500 declined by 0.32 percent, reaching 7,728.2, and the Nasdaq composite suffered a 0.60 percent decrease.
Among the prominent South Korean equities, Samsung Electronics experienced a 4.18 percent surge, while SK hynix, its chip manufacturing counterpart, climbed 3.02 percent. SK Square, the parent firm of SK hynix, surged even higher, with a 6.35 percent increase, and Samsung Electro-Mechanics, an electronics conglomerate, also saw a notable gain.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
