Seoul shares up 1.7 pct late Wed. morning on tech gains

Seoul shares experienced a 1.67 percent increase on Wednesday morning, propelled by a rally in major chip manufacturers, according to Yonhap news agency. The Korea Composite Stock Price Index (KOSPI) opened 0.26 percent higher and was trading at 7,070.94 points by 11:20 a.m. On another note, U.S. stocks closed lower due to growing Middle East tensions and surging oil prices.

However, the Philadelphia Semiconductor Index managed to rise by 1.3 percent, buoyed by ongoing optimism surrounding artificial intelligence. Global oil prices kept climbing due to concerns over potential supply disruptions following fresh strikes on energy infrastructure in the Middle East. Samsung Electronics gained 1.48 percent, while SK hynix surged 3.96 percent.

Hyundai Motor surged 0.52 percent, and defense firm Hanwha Aerospace climbed 2.24 percent. Hanwha Ocean also rose 2.32 percent following its selection as the preferred bidder for a Royal Thai Navy frigate project valued at around US$500 million. At 11:20 a.m., the Korean won was quoted at 1,339.0 against the U.S. dollar, marking a 3.8 won increase from the previous trading session.