Seoul stocks open sharply higher on chip gains, easing Mideast tensions
Korean stocks opened sharply higher Wednesday, led by gains in tech heavyweights, following the tech-heavy Nasdaq Composite's back-to-back record closes. The benchmark Korea Composite Stock Price Index (KOSPI) was up 105.36 points, or 1.5 percent, to 7,123.27 as of 9:15 a.m. On Tuesday (local time), U.S. stocks ended mixed, led by a persistent rally in technology shares that propelled the Nasdaq…
Korean stocks kicked off the day with a significant surge on Wednesday, propelled by strong gains in technology companies. The Korea Composite Stock Price Index (KOSPI) rose by 1.5 percent, climbing to 7,123.27 points by 9:15 a.m. local time. This followed two consecutive record highs for the Nasdaq Composite, which ended the previous trading session up 0.45 percent.
The Dow Jones Industrial Average, however, slipped by 0.36 percent, while the S&P 500 dipped 0.06 percent. Investor confidence improved markedly due to a sustained rally in artificial intelligence (AI) stocks and optimism surrounding the easing of Middle East tensions. Diplomatic initiatives were underway to resolve the regional conflict, which contributed to a drop in oil prices.
In Seoul, most major companies saw their shares climb. Samsung Electronics, a top market cap firm, surged 2.71 percent, while chipmaker SK hynix increased by 2.07 percent. SK Square, parent company of SK hynix, jumped 4.24 percent, and Samsung Electro-Mechanics, an electronics component firm, also posted gains.
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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