Seoul shares open sharply higher on US gains amid eased inflation woes
Korean shares opened sharply higher Friday, led by gains in major chipmakers, tracking an overnight rally in U.S. shares, as latest U.S. data eased woes over accelerating inflation. The benchmark Korea Composite Stock Price Index (KOSPI) opened 182.33 points, or 2.7 percent, higher at 6,995.67. Overnight, the U.S. stock market rose to an all-time high amid easing oil prices. The S&P 500 climbed…
On Friday, South Korean shares experienced a sharp rise at the opening bell of the trading day, buoyed by gains in US markets and a decrease in inflation concerns. The Korea Composite Stock Price Index (KOSPI) initially surged by 2.7 percent, reaching 6,901.29 points by 11:20 a.m. local time. This marked a significant increase from the previous session, with the index briefly touching the 7,000 mark in early trading, reflecting a 2.9 percent rise.
Foreign investors played a crucial role in the market rally, purchasing nearly 1.01 trillion won (USD 714 million) worth of shares. This buying spree effectively countered a net loss of 978.9 billion won due to selling by retail and institutional investors. The U.S. stock market also contributed to the positive sentiment, with the S&P 500 climbing 0.7 percent, the Dow Jones Industrial Average up 0.1 percent, and the tech-focused Nasdaq Composite gaining 0.8 percent.
Among Korean blue-chip stocks, Samsung Electronics and SK hynix were notable gainers. Samsung Electronics saw a 0.56 percent increase, while SK hynix rose by 3.2 percent. Despite these positive moves, large-cap technology stocks saw continued selling pressure from investors. The Korean won strengthened against the US dollar, trading at 1,414.1 won per dollar, marking a 4.5 won increase from the prior session's close.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
