Seoul stocks turn higher on chipmaker gains ahead of Nvidia earnings
Key Takeaways
- •The benchmark KOSPI climbed 61 points, or 0.9 percent, to 6,803.74 by 9:15 a.m. Wednesday, reversing early losses.
- •Chipmakers led the market higher ahead of Nvidia's earnings release, with Samsung Electronics up 2.14 percent and SK hynix up 1.85 percent.
- •Wall Street indexes rose overnight on a chip rebound, as the Nasdaq gained 0.66 percent and the S&P 500 added 0.32 percent, supported by lower oil prices and US Treasury yields.
- •Hyundai Motor slipped 0.24 percent, LG Energy Solution lost 1.29 percent, and Hanwha Aerospace declined 3.54 percent, leaving large-cap stocks mixed.
- •The Korean won strengthened marginally to 1,382.4 against the US dollar, up 0.3 won from the previous session.
Seoul shares reversed early losses to trade higher Wednesday, lifted by gains in chipmakers ahead of the earnings release from US chip giant Nvidia.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 61 points, or 0.9 percent, to 6,803.74 as of 9:15 a.m.
Overnight, major Wall Street stock indexes closed higher on a chip rebound, while declines in global oil prices and US Treasury yields offered investors a measure of relief. The tech-heavy Nasdaq ended 0.66 percent higher, and the S&P 500 added 0.32 percent.
Investors are closely watching Nvidia's upcoming earnings release, which will affect not only the company's own share price but also valuations across the artificial intelligence industry. For South Korean markets, the report is being watched particularly closely because chipmakers such as Samsung Electronics and SK hynix are key large-cap drivers of the KOSPI and are sensitive to shifts in global demand for semiconductors and AI-related hardware.
Large-cap stocks were trading mixed. Samsung Electronics climbed 2.14 percent, while its industry rival SK hynix advanced 1.85 percent. On the downside, automaker Hyundai Motor slipped 0.24 percent, battery maker LG Energy Solution shed 1.29 percent, and defense giant Hanwha Aerospace declined 3.54 percent.
In the currency market, the Korean won was trading at 1,382.4 won against the US dollar, up 0.3 won from the previous session. (Yonhap)
Source: Korea Herald Business
