(LEAD) Seoul shares open sharply higher on U.S. gains amid eased inflation woes

SEOUL, Aug. 14 (Yonhap) -- South Korean shares opened sharply higher on Friday, buoyed by gains in major chipmakers, mirroring an overnight surge in U.S. equities. This came after the latest U.S. data eased concerns over surging inflation. The Korea Composite Stock Price Index (KOSPI) kicked off the day with a 2.7% increase, climbing to 6,995.67 points.

The U.S. market had rallied overnight, reaching an all-time high, driven by falling oil prices. The S&P 500 surged 0.7%, while the Dow Jones Industrial Average and Nasdaq Composite gained 0.1% and 0.8%, respectively.

U.S. wholesale inflation moderated in July, with energy and food costs receding. This, combined with weaker-than-anticipated job data from the previous week, will reduce the pressure on the Federal Reserve to tighten monetary policy. In Seoul, most large-cap shares experienced an upward trend. Samsung Electronics, the market's leading indicator, rose by 0.93%.

Its rival, SK hynix, a key player in the chip industry, saw a significant gain of 5.34%. SK Square, the parent company of SK hynix, also climbed 1.61%, and Samsung Electro-Mechanics, an electronics component subsidiary of Samsung Electronics, added 2.16% to its share price. By 9:15 a.m., the Korean won was trading at 1,418.8 won per U.S. dollar, a slight 0.2 won decrease from the previous day's closing rate.