Seoul stocks open higher on chip gains
Summary
Seoul stocks opened higher Monday as chip gains led the market in early trading in Seoul. The benchmark Korea Composite Stock Price Index rose 64.09 points, or 0.93 percent, to 6,958.32 at 9:15 a.m. Elevated oil prices and Middle East tensions kept investors cautious. Samsung Electronics and SK hynix rose, while Hyundai Motor and LG Energy Solution fell.
Key Facts
- The KOSPI was up 64.09 points, or 0.93 percent, at 6,958.32 as of 9:15 a.m.
- The Philadelphia Semiconductor Index jumped 2.78 percent overnight, while the Nasdaq gained 0.39 percent and the S and P 500 edged up 0.17 percent.
- Brent crude traded at around 104.68 dollars a barrel amid inflationary and geopolitical risks in the Middle East.
- Samsung Electronics rose 3.26 percent and SK hynix gained 0.22 percent, while Hyundai Motor fell 0.96 percent and LG Energy Solution shed 2.75 percent.
- The Korean won was trading at 1,386.2 won against the U.S. dollar, down 0.7 won from the previous stock trading session.
The benchmark KOSPI index is displayed on a screen at a dealing room of Hana Bank headquarters in Seoul, Monday. Yonhap
Seoul stocks opened higher Monday, led by gains in tech heavyweights, though elevated oil prices and lingering tensions in the Middle East kept investors cautious.
The benchmark Korea Composite Stock Price Index (KOSPI) was up 64.09 points, or 0.93 percent, to 6,958.32 as of 9:15 a.m.
Overnight, stocks on Wall Street closed higher as investor sentiment improved on falling oil prices and easing pressures from
On Friday, Seoul stocks advanced 2.66 percent as easing inflation concerns lifted investor sentiment.
U.S. semiconductor shares rallied Friday, providing a positive cue for major Korean chipmakers.
The Philadelphia Semiconductor Index jumped 2.78 percent, while the tech-heavy Nasdaq gained 0.39 percent and the S&P 500 edged up 0.17 percent.
Elevated crude oil prices remained a concern amid persistent inflationary and geopolitical risks in the Middle East. Brent crude traded at around $104.68 a barrel.
Market heavyweights were mixed.
Top market cap Samsung Electronics rose 3.26 percent, and chip giant SK hynix gained 0.22 percent.
In contrast, leading automaker Hyundai Motor fell 0.96 percent, while battery maker LG Energy Solution shed 2.75 percent.
The Korean won was trading at 1,386.2 won against the U.S. dollar, down 0.7 won from the close of the previous stock trading session.
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