Seoul stocks open higher, tracking Wall Street gains as oil prices ease
Key Takeaways
- •The benchmark Korea Composite Stock Price Index was up 0.57 percent at 6,600.4 at 9:15 a.m. after opening 1.33 percent higher.
- •The previous session saw the main index fall 3.99 percent on Middle East tensions and concerns about additional U.S. Federal Reserve rate hikes.
- •Trump said renewed U.S. attacks on Iran would likely be short-lived, which helped ease inflation worries and supported oil prices lower.
- •Samsung Electronics and SK hynix both rose in early trade, leading gains among technology shares.
- •The Korean won traded at 1,362.2 per dollar, down 3 won from the prior stock trading session's close.
Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, while oil prices eased after US President Donald Trump downplayed the prospect of a prolonged conflict with Iran.
After opening 1.33 percent higher, the benchmark Korea Composite Stock Price Index trimmed its gains and was trading 37.68 points, or 0.57 percent, higher at 6,600.4 as of 9:15 a.m.
The main index had plunged 3.99 percent to 6,562.72 in the previous session amid concerns over tensions in the Middle East and the possibility of additional US Federal Reserve rate hikes. The rebound in early trading came as investors also watched whether the lower oil price backdrop would help ease pressure on inflation-sensitive sectors and sentiment more broadly.
Overnight, the Dow Jones Industrial Average rose 0.56 percent, while the tech-heavy Nasdaq composite advanced 0.45 percent.
Trump said renewed US attacks on Iran would likely be short-lived, easing concerns about inflation.
In Seoul, technology stocks led the gains.
Market bellwether Samsung Electronics rose 1.2 percent, while chipmaking rival SK hynix climbed 1.05 percent. Top carmaker Hyundai Motor gained 0.13 percent, and leading battery maker LG Energy Solution added 1.29 percent.
Among decliners, leading refiner SK Innovation fell 3.5 percent, and leading wireless services provider SK Telecom declined 2.74 percent.
The Korean won was quoted at 1,362.2 won against the US dollar as of 9:15 a.m., down 3 won from the previous stock trading session's close. (Yonhap)
