Seoul shares open higher on chip gains despite Middle East tensions
Seoul shares opened higher Wednesday, as gains in major chipmakers offset lingering concerns over escalating tensions in the Middle East and rising oil prices. After opening 0.26 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, trading 65.98 points, or 0.93 percent, higher at 7,019.5 as of 9:15 a.m. Overnight, U.S. stocks ended lower amid heightened Middle…
Seoul shares opened higher on Wednesday as advancements in major chip manufacturers helped counteract lingering worries about increasing tensions in the Middle East and climbing oil prices. The Korea Composite Stock Price Index (KOSPI) expanded gains, rising 65.98 points, or 0.93 percent, to 7,019.5 by 9:15 a.m. The previous night, U.S. stocks closed lower due to heightened Middle East tensions and rising oil prices, while the Philadelphia Semiconductor Index bucked the pattern, jumping 1.3 percent on ongoing optimism surrounding artificial intelligence.
Oil prices continued to climb due to concerns over possible supply interruptions after further strikes on energy infrastructure in the Middle East. In Seoul, technology-focused companies led the rise. The market benchmark Samsung Electronics increased 0.37 percent, while chipmaker SK hynix climbed 1.78 percent. Leading automaker Hyundai Motor gained 0.78 percent, and defense firm Hanwha Aerospace surged 2.43 percent.
Hanwha Ocean rose 4.18 percent after the shipbuilder was chosen as the preferred bidder for a Royal Thai Navy frigate.
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.
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