(URGENT) Seoul shares open higher on tech gains despite high oil prices
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Seoul shares dipped following a morning surge on Thursday, primarily driven by concerns over inflation exacerbated by soaring oil prices. Initially, the Korea Composite Stock Price Index (KOSPI) gained 0.07 percent, before slipping 53.32 points, or 0.78 percent, to 6,750.58 by 9:15 a.m. The Dow Jones Industrial Average slipped 0.66 percent, and the tech-focused Nasdaq Composite dropped 0.22 percent.
Investors remain cautious as rising oil prices contribute to inflationary pressures, while the U.S. Federal Reserve has hinted at potential rate hikes this year to combat inflation. Among the biggest losers were Samsung Electronics, which fell 0.19 percent, and Hyundai Motor, which declined 2.53 percent. Hanwha Aerospace plummeted 3.5 percent, and shipping firm HMM lost 2.34 percent.
On the upside, chipmaker SK hynix gained 0.75 percent, and battery manufacturer Samsung SDI rose 3.2 percent. The Korean won was valued at 1,337.80 won per U.S. dollar, a 1.2 won increase from the prior trading session.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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