Seoul shares open higher on tech gains amid Middle East concerns

Seoul shares opened higher on Tuesday, bolstered by gains from major chipmakers, despite a downturn on Wall Street, as hopes for ending the conflict with Iran diminished. The Korea Composite Stock Price Index (KOSPI) initially rallied 2 percent, later climbing 166.91 points, or 2.39 percent, to reach 7,144.85 as of 9:15 a.m. On Wall Street, the Dow Jones Industrial Average fell by 0.51 percent, while the tech-focused Nasdaq composite slipped by 0.32 percent.

Wider oil prices raised worries about inflation, and the likelihood of a deal with Iran faded after U.S. President Donald Trump expressed no interest in prolonging the agreement that was due to expire.

Tech stocks drove the market's upward trend in Seoul. Samsung Electronics experienced a 3.64 percent surge, while its rival SK hynix surged 6.38 percent. Leading refiner SK Innovation also rose 0.54 percent, and shipping giant HMM gained 9.41 percent. In contrast, the automotive giant Hyundai Motor declined by 0.77 percent, and defense company Hanwha Aerospace dropped 0.26 percent. The Korean won was trading at 1,412.95 won per U.S. dollar as of the reported time.