(URGENT) Seoul stocks open lower despite U.S. rally

Seoul's stocks opened lower on Friday, defying the upward trend observed on Wall Street overnight. The Korea Composite Stock Price Index (KOSPI) slipped 65.83 points, or 0.95 percent, to 6,846.54 at 9:15 a.m. The U.S. market, however, saw major indexes climb, with the S&P 500 gaining 0.72 percent and the tech-focused Nasdaq soaring 1.57 percent.

The surge was primarily driven by artificial intelligence (AI) companies like Nvidia, which experienced a sharp rise after delivering earnings that exceeded forecasts. Federal Reserve Chair Kevin Warsh, who is set to give his maiden speech as head of the central bank later in the day at the Jackson Hole symposium, is closely monitored by market observers.

Analyst Han Ji-young from Kiwoom Securities noted that there is significant upward pressure on the KOSPI to surpass the 7,000 point milestone. Despite the strong performance on Wall Street, most large cap shares in Seoul were trading downwards. Notable declines included Samsung Electronics, which fell 1.5 percent, and SK hynix, which retreated 1.79 percent.

Samsung Biologics, a biotechnology firm, saw a steeper drop of 5.9 percent following its decision to raise additional funds via a rights offering. Likewise, defense contractor Hanwha Aerospace slipped 1.48 percent, while KB Financial, a financial services company, edged down 0.89 percent. Conversely, HD Hyundai Heavy Industries managed a gain of 0.96 percent.

The Korean won was trading at 1,380.7 won per U.S. dollar, up 0.8 won from the previous trading session.