Seoul stocks open higher after US tech-led rally
Seoul shares opened higher Tuesday as overnight gains in U.S. tech stocks boosted investor sentiment despite concerns over rising bond yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 40.93 points, or 0.58 percent, to 7,044.67 at the opening bell. Investors are now turning their attention to upcoming corporate earnings amid concerns over bond yields at multidecade highs.…
Seoul's stock market began the day on a firm footing following a rally driven by US technology companies. The Korea Composite Stock Price Index (KOSPI), a key benchmark, opened 0.58 percent above its previous level, before slipping to 6,995.60 by 9:15 a.m.
Investor sentiment was dampened by worries over record-high bond yields, which can signal potential economic instability. Despite this, traders are now focusing on upcoming company earnings results.
The Dow Jones Industrial Average increased by 0.18 percent overnight, while the Nasdaq Composite, known for its heavy concentration of technology stocks, saw a gain of 1.05 percent. In Seoul, large-cap companies performed mixed. Industry leader Samsung Electronics edged up 0.36 percent, while Hyundai Motor, a major car manufacturer, climbed 0.87 percent.
LG Electronics experienced a significant gain of 6.02 percent, as it secured a long-term contract to supply cooling systems for artificial intelligence data centers in North America. However, not all stocks were in the green. Samsung's chip rival, SK hynix, fell by 1.14 percent, and Korea Aerospace Industries declined by 2.1 percent.
The Korean won depreciated slightly against the US dollar, trading at 1,343.20 won, marking a drop of 0.8 won from the previous trading day's close.
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.
