Seoul shares open sharply higher on chip rally

Korean shares surged on Thursday, propelled by strong performances in leading chip manufacturers, mirroring a recent rise in U.S. tech markets. Following a 2.96 percent jump at the opening bell, the KOSPI index surged 4.41 percent to reach 6,869.06 points by 9:15 a.m. Meanwhile, the KOSPI had started the day 2.96 percent higher at 6,773.92 points.

The following day, U.S. stocks tied to the artificial intelligence technology sector experienced a significant uptick. The S&P 500 managed to close just below a record high with a gain of 0.26 percent, while the Nasdaq Composite Index rose by 0.54 percent. The Dow Jones Industrial Average, on the other hand, saw a slight decline of 0.04 percent.

In Seoul, a majority of major shares saw an increase in value. Samsung Electronics, a market benchmark, climbed by 5.19 percent, while its rival in the chipmaking sector, SK hynix, witnessed an impressive surge of 7.71 percent. SK Square, the parent company of SK hynix, exhibited an extraordinary rise of 10.16 percent, and Samsung Electro-Mechanics, an electronics component of Samsung Electronics, soared by 13.18 percent. By 9:15 a.m., the Korean won was trading at 1,414.6 won per U.S. dollar.