Seoul stocks open sharply higher on robust earnings from Nvidia
Seoul stocks opened sharply higher Thursday as Nvidia's market estimate-beating strong earnings helped ease woes over a slowdown in demand for semiconductors. The benchmark Korea Composite Stock Price Index (KOSPI) rose 159.24 points, or 2.34 percent, to 6,967.45. Overnight, major stock indexes on Wall Street closed lower, with the S&P 500 and the tech-heavy Nasdaq inching down 0.02 percent and…
Seoul's stock market soared on Thursday as Nvidia's earnings surpassed estimates, providing a boost amid concerns about a slowdown in semiconductor demand. The Korea Composite Stock Price Index (KOSPI), which serves as a benchmark, climbed 159.24 points, or 2.34 percent, to reach 6,967.45.
Despite Wall Street indexes closing lower overnight, with the S&P 500 and Nasdaq down 0.02 percent and 0.08 percent, respectively, Nvidia's second-quarter earnings helped alleviate fears of an artificial intelligence (AI) bubble. The company reported sales more than double from the previous year, surpassing Wall Street's predictions.
Nvidia's management stated that they anticipate a 70 percent increase in fiscal 2028 income, again exceeding analyst forecasts. Investors are also watching the Bank of Korea's rate decision, scheduled later in the day. On the trading floor, most major companies were trading higher, with Samsung Electronics advancing 3.06 percent and SK hynix rising 4.15 percent.
Battery manufacturer LG Energy Solutions saw a 3.85 percent increase, while defense company Hanwha Aerospace gained 2.39 percent.
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.
