Seoul Shares Open Higher as Bargain Hunting Follows Wall Street Record Highs
Key Takeaways
- •The KOSPI gained 101.15 points, or 1.62 percent, to reach 6,359.92 as of Monday morning, recovering from two consecutive sessions of losses.
- •U.S. equities advanced on Friday after monthly jobs data was released, with the S&P 500 closing at a new all-time high and the Nasdaq Composite rising 1.3 percent.
- •Technology stocks led the Seoul market higher, with Samsung Electronics gaining 2.49 percent and SK hynix climbing 3.94 percent amid buying from retail and institutional investors.
- •The Korean won depreciated by 2.6 won against the U.S. dollar, trading at 1,412.1 won as of Monday morning.
South Korean equities opened higher on Monday, driven by a technology-sector rally as investors engaged in bargain hunting following Wall Street's record-setting close on Friday.
The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.76 percent higher and extended its advance, gaining 101.15 points, or 1.62 percent, to reach 6,359.92 as of 9:15 a.m.
The upward move comes after the KOSPI ended lower for a second consecutive session on Friday, pressured by foreign selling.
Overnight on Wall Street, U.S. stocks advanced following the release of monthly jobs data. The Dow Jones Industrial Average rose 0.28 percent, while the S&P 500 added 0.62 percent to close at a fresh all-time high. The tech-heavy Nasdaq Composite Index climbed 1.3 percent. The monthly employment report is closely watched by markets as a barometer of economic momentum and a potential input for Federal Reserve policy decisions.
In Seoul, technology stocks led the broader market higher, as both retail and institutional investors snapped up shares. Market bellwether Samsung Electronics gained 2.49 percent, while its chipmaking rival SK hynix rose 3.94 percent. Samsung is the world's largest memory chipmaker and SK hynix ranks among the top global suppliers of DRAM, making both stocks sensitive to global semiconductor demand trends.
The KOSPI, operated by the Korea Exchange, is the primary benchmark index for South Korea's stock market and tracks the performance of all common stocks listed on the exchange.
On the currency front, the Korean won was trading at 1,412.1 won against the U.S. dollar as of 9:15 a.m., down 2.6 won from the previous session's close.
(Source: Yonhap)
