Seoul stocks open higher on Wall Street gains, renewed AI optimism
Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, as renewed optimism over artificial intelligence (AI) and easing oil prices lifted investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) rose 189.18 points, or 3.46 percent, to 5,658.65 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average gained 0.28 percent, while the S&P 500 advanced 0.7…
Korean stocks began the day on an optimistic note on Tuesday, mirroring the upward trend on Wall Street. The renewed confidence stemmed from heightened optimism surrounding artificial intelligence (AI) and a reduction in oil prices, which boosted investor spirits. The KOSPI index climbed by 189.18 points, marking a 3.46 percent increase, reaching a level of 5,658.65 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average experienced a 0.28 percent surge, while the S&P 500 and the tech-focused Nasdaq Composite each gained 0.7 and 0.82 percent respectively.
This brighter outlook for the market was fueled by the disclosure of strong revenue growth from AI startup Anthropic in its U.S. initial public offering (IPO) filing. This news sparked renewed interest in AI-related stocks, particularly as major tech companies are set to report earnings and the Federal Reserve prepares to announce its interest rate decision.
The easing of tensions in the Middle East, driven by reports of Qatari mediation efforts involving Iran and the United States, also contributed to a drop in oil prices. Across the board, major KOSPI components experienced gains. Tech leader Samsung Electronics saw a 4.69 percent increase, while chipmaker SK hynix rose by 7.14 percent. Notably, SK Square, the parent company of SK hynix, surged by 10.4 percent.
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.
This story
This is one outlet's version. Read the fullest account.
