(URGENT) Seoul stocks open higher after after 7-day losing streak

Seoul stocks began the day on an optimistic note on Friday, marking a turnaround from a 7 percent decline observed in the preceding session. This reversal in fortunes came amidst concerns over artificial intelligence (AI) trade disputes and rising inflation in the United States. The KOSPI, a key benchmark for South Korean markets, experienced a rise of 85.62 points, or 1.54 percent, bringing its total to 5,639.84 at 9:15 a.m. The stock market gains were mirrored across the Atlantic, with Wall Street indices also showing positive movement.

However, while the S&P 500 grew by 0.33 percent and the tech-centric Nasdaq set a modest increase of 0.08 percent, major AI and semiconductor shares saw a downturn. The U.S. producer price index for September recorded the highest increase in over four years, adding fuel to the speculation that the Federal Reserve would raise interest rates to curb inflation.

Most major companies in Seoul recorded gains, with Samsung Electronics and SK hynix both soaring by 1.55 percent and 0.48 percent, respectively. Hyundai Motor Group saw a rise of 2.54 percent, KB Financial surged by 4.72 percent, and Hanwha Aerospace experienced a notable increase of 4.37 percent. At 9:15 a.m., the Korean won was valued at 1,340.6 won per U.S. dollar, a slight improvement from the closing figures of the previous trading day.