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…
Seoul's stock market opened in a bullish mood on Wednesday, buoyed by surges in key technology companies despite a downturn in the United States. The Korea Composite Stock Price Index (KOSPI), a gauge of the market's health, surged 2.35 percent to 6,494.71 as of 9:15 a.m., climbing 1.47 percent from its opening level. The optimism stemmed from expectations of a potential U.S.-Iran peace agreement, which appeared to be fading overnight.
However, the mood shifted as the newly-appointed secretary of Iran's Supreme National Security Council indicated the Strait of Hormuz would remain closed until the U.S. modified its actions and acquiesced to Tehran's demands for an end to hostilities. Meanwhile, major U.S. indexes slipped: the Dow Jones Industrial Average fell 0.34 percent, the S&P 500 declined 0.32 percent to 7,728.2, and the Nasdaq composite dropped 0.60 percent.
Among Korean stocks, Samsung Electronics, a market lynchpin, jumped 4.18 percent, while its rival SK hynix rose 3.02 percent. SK Square, the parent of SK hynix, soared 6.35 percent, and Samsung Electro-Mechanics, an electronics component maker, also posted gains.
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.
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