Seoul shares rise on tech gains
South Korean shares opened higher on Wednesday, driven by strength in technology stocks. The benchmark KOSPI rose 92.97 points, or 1.47 percent, to 6,438.50 at the opening bell.
The move came even as Wall Street declined overnight. Investor sentiment remained fragile because optimism over a possible U.S.-Iran peace deal weakened after Iran's newly appointed supreme national security council secretary said the Strait of Hormuz would stay closed unless Washington changed its behavior and accepted Tehran's conditions for ending the war.
Key Events
- The KOSPI opened 92.97 points, or 1.47%, higher at 6,438.50.
- Major technology stocks led the advance in Seoul.
- Investor sentiment turned more pessimistic about a possible U.S.-Iran agreement.
- Iran's newly appointed supreme national security council secretary said the Strait of Hormuz would remain closed unless the United States changed its behavior and accepted Tehran's conditions for ending the war.
- U.S. major indexes fell overnight, with the Dow down 0.34%, the S&P 500 down 0.32%, and the Nasdaq down 0.60%.
Seoul shares climb on chip rally
South Korean stocks extended their gains on Wednesday morning, driven by a strong rally in semiconductor shares. The benchmark KOSPI rose 231.46 points, or 3.65 percent, to 6,576.99 by 11:20 a.m. after opening 1.47 percent higher.
Blue-chip stocks led the advance in Seoul. Samsung Electronics climbed 6.68 percent, SK hynix gained 4.49 percent, SK Square rose 7.62 percent, and Samsung Electro-Mechanics increased 4.64 percent.
Key Events
- Korean stocks extended gains on Wednesday morning.
- The benchmark KOSPI rose 231.46 points, or 3.65 percent, to 6,576.99 by 11:20 a.m.
- Semiconductor shares led the market higher.
- Samsung Electronics increased 6.68 percent.
- SK hynix climbed 4.49 percent.
- SK Square rose 7.62 percent.
- Samsung Electro-Mechanics gained 4.64 percent.
Seoul shares open higher
South Korean shares opened higher on Wednesday in Seoul, with major technology stocks driving the advance. The market moved up even though U.S. stocks had fallen overnight.
According to the report, the lift in Korean equities came as optimism faded over a possible U.S.-Iran peace deal, which had previously supported sentiment.
Key Events
- South Korean shares opened higher in Seoul.
- Major technology stocks led the gains.
- Wall Street closed lower overnight.
- Investor optimism over a potential U.S.-Iran peace deal faded.