Seoul shares up 1.7% late Wed. morning on tech gains
Summary
Seoul shares extended gains late Wednesday morning as chipmakers led a rally that offset concerns over Middle East tensions and rising oil prices. The benchmark KOSPI was up 116.42 points, or 1.67 percent, at 7,070.94 as of 11:20 a.m. Samsung Electronics and SK hynix rose 1.48 percent and 3.96 percent, respectively. Hanwha Ocean also climbed after being chosen as preferred bidder for a Royal Thai Navy frigate project worth about $500 million.
Key Facts
- The KOSPI was trading at 7,070.94 as of 11:20 a.m., up 116.42 points, or 1.67 percent.
- The market opened 0.26 percent higher before extending its gains late Wednesday morning.
- Samsung Electronics rose 1.48 percent and SK hynix surged 3.96 percent.
- Hanwha Ocean gained 2.32 percent after being selected as preferred bidder for a Royal Thai Navy frigate project worth about $500 million.
- The Korean won was quoted at 1,339.0 won against the U.S. dollar, up 3.8 won from the previous session's close.
The benchmark KOSPI and Kosdaq indices are displayed at a dealing room of Hana Bank in Seoul, Wednesday. Yonhap
Seoul shares extended their gains late Wednesday morning, as a rally in major chipmakers offset lingering concerns over escalating tensions in the Middle East and rising oil prices.
After opening 0.26 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) was trading up 116.42 points, or 1.67 percent, to 7,070.94 as of 11:20 a.m.
Overnight, U.S. stocks ended lower amid heightened Middle East tensions and rising oil prices, while the Philadelphia Semiconductor Index bucked the trend, gaining 1.3 percent on continued artificial intelligence optimism.
Global oil prices extended gains amid concerns over potential supply disruptions following another round of strikes on energy infrastructure in the Middle East.
In Seoul, tech heavyweights led the gains.
Market bellwether Samsung Electronics rose 1.48 percent, while chip giant SK hynix surged 3.96 percent.
Top automaker Hyundai Motor increased 0.52 percent, while defense firm Hanwha Aerospace advanced 2.24 percent.
Hanwha Ocean went up 2.32 percent after the shipbuilder said it had been selected as the preferred bidder for a Royal Thai Navy frigate project worth about $500 million.
The Korean won was quoted at 1,339.0 won against the U.S. dollar as of 11:20 a.m., up 3.8 won from the close of the previous stock trading session.
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