Seoul stocks open higher tracking US gains as oil prices ease

Seoul's stock market kicked off the day on a positive note, mirroring the gains seen on Wall Street the previous night. The Korea Composite Stock Price Index (KOSPI) began the day 1.33 percent higher, before settling 0.57 percent higher at 6,600.4 by 9:15 a.m. However, this marked a slight drop from the previous session when the index plummeted 3.99 percent to 6,562.72 due to worries over Middle East tensions and the potential for additional U.S. Federal Reserve interest rate hikes.

The previous day, U.S. markets had witnessed a rise in the Dow Jones Industrial Average by 0.56 percent, and the tech-focused Nasdaq composite gained 0.45 percent. President Donald Trump's reassurance that any further U.S.-Iran attacks would likely be brief helped to alleviate inflation concerns.

In Seoul, technology sector stocks were at the forefront of the market's upward movement. Samsung Electronics, a key player and market barometer, saw a 1.2 percent increase. Its rival in the chipmaking industry, SK hynix, also rose by 1.05 percent. The automobile industry's leading firm, Hyundai Motor, posted a modest gain of 0.13 percent. Lastly, LG Energy Solution, a prominent battery manufacturer, contributed to the market's rise with a 1.29 percent gain.

On the downside, SK Innovation, the leading refiner, faced a decline of 3.5 percent, reflecting the broader market's sensitivity to geopolitical developments and economic uncertainties.