Seoul stocks open higher on chip gains

On Monday, Seoul's stock market began with a positive note, driven by strong performance in the tech sector, although market participants remained cautious due to high oil prices and ongoing Middle Eastern tensions. The Korea Composite Stock Price Index (KOSPI) saw a rise of 64.09 points, or 0.93 percent, bringing the index to 6,958.32 at 9:15 a.m.

Across the Pacific, Wall Street experienced a boost as investor confidence grew following a decline in oil prices and reduced tensions from the Middle East. On Friday, Seoul's stocks had climbed by 2.66 percent, buoyed by easing inflation concerns that instilled optimism among investors.

The tech sector's momentum in the U.S. was evident, with semiconductor shares experiencing a notable surge, which positively influenced major Korean chip manufacturers. The Philadelphia Semiconductor Index surged by 2.78 percent, while the tech-oriented Nasdaq gained 0.39 percent and the S&P 500 edged up by 0.17 percent.

Despite the overall market optimism, elevated crude oil prices continued to be a source of concern as investors grappled with persistent inflationary pressures and geopolitical risks emanating from the Middle East. Brent crude oil was trading around $104.68 per barrel. Among the market leaders, Samsung Electronics witnessed a gain of 3.26 percent, while chipmaker SK hynix increased by 0.22 percent. Notably, leading automaker Hyundai Motor experienced a decline of 0.96 percent.