Seoul shares opened higher Thursday as investors moved to pick up oversold stocks despite Wall Street losses, driven by concerns over artificial intelligence spending and uncertainty surrounding the Federal Reserve’s policy path.

After opening 0.33 percent higher, the benchmark Korea Composite Stock Price Index rose 19.85 points, or 0.35 percent, to 5,683.09 as of 9:15 a.m.

On Wednesday, the index plunged 5.98 percent to close at 5,663.24, following a 10.84 percent decline in the previous session.

Overnight, the Dow Jones Industrial Average fell 2.19 percent, while the tech-heavy Nasdaq Composite declined 1.74 percent.

The Federal Reserve on Wednesday kept its benchmark interest rate unchanged at 3.5-3.75 percent, marking a fifth consecutive pause. The US central bank provided little new guidance on the future path of rates, leaving investors with greater uncertainty.

In Seoul, large-cap stocks were mixed as traders sorted through recent losses and company-specific earnings results.

Market bellwether Samsung Electronics rose 0.96 percent, top carmaker Hyundai Motor climbed 0.57 percent, and defense giant Hanwha Aerospace Industries jumped 6.79 percent.

Samsung Electronics reported a net profit of 71.62 trillion won ($49.6 billion) in the April-June quarter, sharply up from 5.11 trillion won a year earlier, driven by strong chip demand amid the artificial intelligence boom. Sales more than doubled to 171.49 trillion won from 74.56 trillion won.

The net result matched market expectations. The average analyst estimate for net income was 71.21 trillion won.

HD Korea Shipbuilding & Offshore Engineering soared 8.21 percent, and leading battery maker LG Energy Solution gained 3.83 percent.

Among decliners, Samsung Electronics’ chip rival SK hynix fell 4.78 percent, and No. 1 home appliance maker LG Electronics shed 0.53 percent.

The Korean won was trading at 1,436.85 won against the US dollar as of 9:15 a.m., up 9.65 won from the previous day’s stock market close. (Yonhap)