Seoul shares open sharply higher on tech gains ahead of US election results
Korean stocks started sharply higher Wednesday, driven by gains in tech shares as investors awaited results from the U.S. midterm elections. The benchmark Korea Composite Stock Price Index (KOSPI) rose 137.34 points, or 2.43 percent, to 5,786.13 at the opening bell. Overnight on Wall Street, the tech-heavy Nasdaq gained 0.83 percent on strong chip shares and the S&P 500 climbed 0.36 percent. The…
Korean stocks opened sharply higher on Wednesday, bolstered by surges in tech shares as investors awaited the outcomes of the U.S. midterm elections. The Korea Composite Stock Price Index (KOSPI) climbed 124.21 points, or 2.2 percent, reaching a level of 5,773 by 9:15 a.m. local time.
On the preceding day, major Wall Street indices exhibited positive movement. The Nasdaq, known for its tech dominance, experienced a gain of 0.83 percent, primarily driven by strong performances in chip-related stocks. The S&P 500 also rose by 0.36 percent.
The U.S. midterm elections commenced on Tuesday, potentially altering the policy landscape during President Donald Trump's second term. In Seoul, key indices like Samsung Electronics and chipmaker SK hynix witnessed notable gains. Samsung Electronics edged up by 1.94 percent, while SK hynix surged 3.86 percent.
Among other notable gains, Hanmi Semiconductor, a leading chip equipment maker, jumped 4.89 percent. Samsung Electro-Mechanics, the electronic component subsidiary of Samsung Electronics, also saw an increase of 3.17 percent. Major shipbuilder HD Hyundai Heavy Industries climbed 1.39 percent, and game publisher NC rose by 2.92 percent.
The Korean won was quoted at 1,345.5 per U.S. dollar as of 9:15 a.m., marking a slight decline of 1 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.
