(LEAD) Seoul shares open higher on chip gains despite Middle East tensions

On September 9, Seoul shares began the trading day higher, buoyed by strong performances in major chipmakers, despite ongoing tensions in the Middle East and rising oil prices. The Korea Composite Stock Price Index (KOSPI) opened 0.26 percent higher, ultimately climbing 65.98 points, or 0.93 percent, to reach 7,019.5 by 9:15 a.m. local time.

While U.S. stocks closed lower on the previous day due to increased Middle East tensions and surging oil prices, the Philadelphia Semiconductor Index bucked this trend, surging 1.3 percent on continued optimism surrounding artificial intelligence. Global oil prices followed the upward trajectory, with market leaders grappling with potential supply disruptions caused by additional strikes on energy infrastructure in the Middle East.

Among the day's notable movers, Samsung Electronics saw a 0.37 percent gain, while SK hynix climbed 1.78 percent. The top automaker Hyundai Motor rose 0.78 percent, and defense firm Hanwha Aerospace increased by 2.43 percent. Hanwha Ocean also made substantial gains, jumping 4.18 percent after being named the preferred bidder for a Royal Thai Navy frigate project valued at approximately US$500 million.

The Korean won strengthened against the U.S. dollar, trading at 1,339.4 won per dollar as of 9:15 a.m., marking a 3.4-won increase from the previous day's closing session.