Seoul shares open higher on tech gains despite high oil prices
Seoul shares opened higher Thursday, led by gains in technology stocks despite inflation worries stoked by elevated oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.78 points, or 0.07 percent, to 6,808.68 at the opening bell. Technology stocks advanced after Samsung Electronics posted an estimated operating profit of 107 trillion won ($79.8 billion) in the third quarter,…
Seoul's stock market opened higher on Thursday, buoyed by gains in the technology sector, despite concerns over high oil prices driving inflation. The Korea Composite Stock Price Index (KOSPI) fell 0.78 percent to 6,750.58 points by 9:15 a.m. local time, after initially rising 0.07 percent. U.S. markets also declined, with the Dow Jones Industrial Average dropping 0.66 percent and the tech-focused Nasdaq Composite slipping 0.22 percent.
Investors remain cautious due to the impact of rising oil costs on inflation, and the U.S. Federal Reserve's potential interest rate hikes to combat inflation. In Seoul, large-cap companies saw mixed results, with Samsung Electronics falling 0.19 percent and Hyundai Motor slipping 2.53 percent. However, some stocks performed well, with chipmaker SK hynix up 0.75 percent and battery producer Samsung SDI rising 3.2 percent.
The Korean won strengthened against the U.S. dollar, reaching 1,337.80 won per dollar, up 1.2 won from the previous session'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.
