Seoul shares start sharply higher following Nvidia's leadership change
A trader works at a Hana Bank dealing room in Jung District, Seoul, Friday. Yonhap
Korean stocks opened sharply higher Friday despite U.S. losses following the departure of Nvidia CEO Jensen Huang, who has been deeply connected with the current artificial intelligence (AI) boom.
Opening 2.05 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 150.08 points, or 2.81 percent, to 5,492.81 as of 9:15 a.m.
Overnight on Wall Street, major stock indexes finished lower due to losses in tech shares.
The Dow Jones Industrial Average fell 0.36 percent, the S&P 500 lost 0.35 percent, and the Nasdaq Composite declined 0.39 percent.
The PHLX semiconductor index retreated 0.54 percent.
After reports of multiple affairs, including one with a suspected Chinese spy, Nvidia's board ousted Huang from the CEO position and named CFO Colette Kress as interim CEO.
Huang's departure casts questions among investors about the future of the global AI ecosystem, in which the Nvidia founder played a crucial role.
In Seoul, KOSPI heavyweights started in positive territory.
Market bellwether Samsung Electronics gained 3.37 percent, and chipmaker SK hynix jumped 4.63 percent.
Top carmaker Hyundai Motor climbed 2.63 percent, and leading battery maker LG Energy Solution advanced 0.46 percent.
KB Financial Group rose 1.84 percent, and defense giant Hanwha Aerospace increased 1.07 percent.
The Korean won was quoted at 1,336.5 won against the U.S. dollar as of 9:15 a.m., down 0.7 won from the previous trading session's close.