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…
Seoul's stock market surged on Tuesday, mirroring overnight gains on Wall Street, as optimism surrounding artificial intelligence and falling oil prices boosted investor confidence. The KOSPI index climbed 189.18 points, or 3.46 percent, bringing its total to 5,658.65 by 9:15 a.m. The Dow Jones Industrial Average climbed 0.28 percent, the S&P 500 advanced 0.7 percent, and the tech-focused Nasdaq Composite increased 0.82 percent.
This positivity stemmed from the strong revenue growth reported by AI startup Anthropic in its U.S. IPO filing, reigniting interest in AI stocks ahead of significant tech earnings reports and the Federal Reserve's decision on interest rates. Moreover, a decline in oil prices was observed due to hopes of resolving tensions in the Middle East following Qatar's mediation efforts involving Iran and the United States.
Notably, KOSPI leaders performed well, with Samsung Electronics up 4.69 percent, chipmaker SK hynix rising 7.14 percent, SK Square, the parent company of SK hynix, jumping 10.4 percent, and Samsung Electronics also showing gains.
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.
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