Seoul shares open higher on tech gains amid Middle East concerns
Seoul shares opened higher Tuesday, led by gains by major chipmakers, despite overnight losses on Wall Street, as hopes for a deal to end the war with Iran fade. After opening 2 percent up, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, trading 166.91 points, or 2.39 percent, higher at 7,144.85 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average shed 0.51 percent,…
Seoul shares opened higher on Tuesday, buoyed by strong gains in major chipmakers, despite Wall Street's overnight decline and fading hopes for an Iran deal. The Korea Composite Stock Price Index (KOSPI) rose 2.39 percent, climbing to 7,144.85 points by 9:15 a.m. The Dow Jones Industrial Average fell 0.51 percent overnight, while the tech-focused Nasdaq composite slipped 0.32 percent.
Elevated oil prices heightened inflation fears, and the likelihood of a deal with Iran dwindled after U.S. President Donald Trump expressed no interest in extending the agreement set to expire. In Seoul, technology stocks drove the market gains. Samsung Electronics surged 3.64 percent, while its chip rival SK hynix jumped 6.38 percent.
SK Innovation, a leading refiner, increased 0.54 percent, and shipping firm HMM gained 9.41 percent. Notable decliners included Hyundai Motor, which dropped 0.77 percent, and defense company Hanwha Aerospace, which fell 0.26 percent. The Korean won traded at 1,412.95 won per U.S. dollar.
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- Seoul shares open higher on tech gains amid Middle East concerns koreatimes.co.kr
