Seoul: South Korean shares opened higher on Tuesday, following a robust performance on Wall Street, with the Korea Composite Stock Price Index (KOSPI) gaining early in the trading session.
According to Yonhap News Agency, the KOSPI added 5.45 points, or 0.21 percent, reaching 2,628.74 within the first 15 minutes of the market opening. This positive trend in South Korea’s stock market comes amid significant gains in U.S. stocks, which closed sharply higher on Monday, driven by anticipation of favorable earnings reports.
The Dow Jones Industrial Average increased by 0.47 percent, closing at 43,065.22, surpassing the 43,000 mark for the first time. Similarly, the S and P 500 reached a new record, climbing to 5,859.85, reflecting a strong investor sentiment in the U.S. that has had a ripple effect on global markets including South Korea.
Despite the general uptick in the KOSPI, performance among major South Korean companies was mixed. Samsung Electronics saw a slight decrease, dropping by 0.16 percent, while S
K hynix, another key player in the semiconductor industry, experienced a significant rise of 1.65 percent. In the battery sector, LG Energy Solution’s shares fell by 0.49 percent, whereas shares of Samsung SDI slightly increased by 0.14 percent.
The automobile industry also saw some declines, with Hyundai Motor and its affiliate Kia Motors decreasing by 0.40 percent and 0.50 percent, respectively. These variances highlight a selective investor approach within different sectors of the South Korean market.
Additionally, the South Korean won weakened against the U.S. dollar, trading at 1,358.20 won, which is a decrease of 2.30 won from the previous trading session.