Seoul shares open higher as US bond yields retreat

Seoul's stock market started the day on a positive note on Thursday, mirroring the upward trend seen on Wall Street the previous evening. The Korea Composite Stock Price Index (KOSPI), a key benchmark, surged 3.05 percent, closing at 6,668.45 points. This marked a 197.28 point increase from its opening value, which had climbed by 3.23 percent.

However, this surge was short-lived. The previous day's market was marred by a steep fall, with the KOSPI dropping nearly 6 percent due to concerns over rising bond yields and poor performance in the tech sector. The tech-heavy Nasdaq Composite Index, typically a bellwether for market sentiment, managed to recover slightly, gaining 0.16 percent.

The retreat in U.S. bond yields played a significant role in the market's recovery. The 30-year Treasury bond yield, which had reached its highest level since 2007, dropped significantly. This gave investors a more favorable environment to invest, thereby boosting the market sentiment.

Among the gainers, chipmakers led the charge, recouping some of their previous losses. Samsung Electronics, a market bellwether, was among the top performers, rising by 4.5 percent. The overall performance of U.S. stock indices also contributed to the optimism. The Dow Jones Industrial Average and the S&P 500 both added 0.21 percent and 0.22 percent respectively.