Seoul stocks open higher on Wall Street gains, renewed AI optimism
The benchmark KOSPI and KOSDAQ indices are displayed at Hana Bank's dealing room in Seoul, Tuesday. Yonhap
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 percent and the tech-heavy Nasdaq Composite climbed 0.82 percent.
Investor sentiment improved after AI startup Anthropic disclosed strong revenue growth in its U.S. initial public offering (IPO) filing, reigniting enthusiasm for AI-related stocks ahead of major tech earnings and the Federal Reserve's interest rate decision.
Oil prices also retreated on hopes of easing tensions in the Middle East, following reports of Qatari mediation efforts involving Iran and the United States.
KOSPI heavyweights rose across the board.
Market bellwether Samsung Electronics gained 4.69 percent, and chip giant SK hynix increased 7.14 percent.
SK Square, the parent firm of SK hynix, jumped 10.4 percent, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, surged 8.77 percent.
The Korean won was trading at 1,325.3 won against the U.S. dollar at 9:15 a.m., up 0.7 won from the close of the previous stock trading session.