Seoul shares open higher on tech gains amid Middle East concerns

SEOUL, Aug. 18 - The Seoul stock market experienced a mixed trading day on Tuesday, with shares opening higher due to gains by major chipmakers, despite Wall Street's overnight losses. The Korea Composite Stock Price Index (KOSPI) initially rose by 2 percent, then continued its upward trajectory, closing 166.91 points, or 2.39 percent, higher at 7,144.85 as of 9:15 a.m. Meanwhile, the Dow Jones Industrial Average experienced a decline of 0.51 percent, while the tech-focused Nasdaq composite dropped 0.32 percent.

Concerns over elevated oil prices, which fueled inflation fears, were exacerbated by the prospects of a deal with Iran diminishing after President Donald Trump expressed no interest in extending an agreement that was set to expire. Among the notable gainers, Samsung Electronics rose 3.64 percent, followed by its chipmaking rival SK hynix, which surged 6.38 percent.

SK Innovation, a leading refiner, climbed 0.54 percent, while shipping firm HMM surged 9.41 percent. Conversely, top carmaker Hyundai Motor saw a decline of 0.77 percent, and defense company Hanwha Aerospace decreased by 0.26 percent. As of 9:15 a.m., the Korean won was trading at 1,412.95 won per U.S. dollar, up 2.65 won from the previous day's close.