Seoul: Seoul shares opened higher on Friday following gains in the technology sector on Wall Street, with investor sentiment remaining cautious about the Federal Reserve’s potential slowdown in rate cuts. The Korea Composite Stock Price Index (KOSPI) increased by 25.4 points, or 0.98 percent, reaching 2,606.43 within the first 15 minutes of trading.
According to Yonhap News Agency, U.S. stocks closed with mixed results the previous night. The Dow Jones Industrial Average decreased by 0.33 percent, closing at 42,374.36, while the Nasdaq Composite, known for its concentration in technology stocks, saw a rise of 0.76 percent, ending at 18,415.49. In Seoul, technology stocks led the gains, with significant increases noted among major companies.
Samsung Electronics Co., a key player in the market, saw its shares rise by 0.2 percent. SK hynix Inc., the second-largest chipmaker in the country, experienced a significant jump of 2.9 percent. Additionally, Korean Air Co., the national flag carrier, climbed 0.9 percen
t, and LG Energy Solution Ltd., a leading battery maker, was up by 0.5 percent.
Conversely, some prominent companies experienced declines. Hyundai Motor Co., the top carmaker in South Korea, fell by 1.3 percent. Korea Aerospace Industries Co., the nation’s sole aircraft manufacturer, saw a decline of 1.1 percent, while LG Chem Ltd. decreased by 0.6 percent. Meanwhile, the local currency was trading at 1,380.05 won against the U.S. dollar, marking a slight increase of 0.15 won from the previous session.