(URGENT) Seoul stocks open sharply higher on chip gains, easing Mideast tensions

South Korean stocks kicked off the day with a notable surge on Wednesday, buoyed by the strong performance of tech-oriented companies. The Korea Composite Stock Price Index (KOSPI) experienced a sharp rise of 105.36 points, or 1.5 percent, settling at 7,123.27 as of 9:15 a.m. local time. This bullish sentiment followed two consecutive record-closing sessions for the Nasdaq Composite in the United States.

While U.S. markets concluded with mixed results, the tech sector's rally played a significant role in driving the Nasdaq up 0.45 percent to another record high. Conversely, the Dow Jones Industrial Average experienced a modest decline of 0.36 percent, and the S&P 500 edged down by 0.06 percent. The improved investor sentiment was further reinforced by the ongoing progress in resolving Middle Eastern tensions, which contributed to a decline in oil prices.

Among the notable market leaders, Samsung Electronics saw a 2.71 percent gain, while chipmaker SK hynix and its parent company SK Square appreciated by 2.07 percent and 4.24 percent, respectively. Additionally, electronics component firm Samsung Electro-Mechanics witnessed a 3.55 percent increase. As of the previous trading session, the Korean won was trading at 1,349.7 won per U.S. dollar, marking a 6.8 won increase.