Go to Contents Go to Navigation

Seoul shares open slightly higher on chip shares

Stocks 09:25 May 25, 2023

SEOUL, May 25 (Yonhap) -- South Korean stocks opened slightly higher Thursday, led by big-cap tech gains, despite uncertainties over the United States' debt ceiling negotiations.

The benchmark Korea Composite Stock Price Index (KOSPI) added 3.01 points, or 0.12 percent, to 2,570.46 in the first 15 minutes of trading.

Overnight, U.S. shares ended lower as negotiations on the U.S.' debt ceiling drag on, with just eight days left till the June 1 deadline.

The Dow Jones Industrial Average lost 0.77 percent, and the tech-heavy Nasdaq Composite shed 0.61 percent.

In Seoul, big-name chipmakers traded on a firm note.

Tech heavyweight Samsung Electronics jumped 0.88, and chip giant SK hynix spiked 4.3 percent.

But chemicals opened mixed following recent sharp gains. Leading battery maker LG Energy Solution inched up 0.17 percent, while LG Chem tumbled 0.97 percent. Samsung SDI lost 1.4 percent.

Carmakers opened lower, with top automaker Hyundai Motor skidding 0.96 percent and Kia tumbling 1.12 percent.

Large-cap bio shares opened lower, with Samsung Biologics falling 0.51 percent and Celltrion going down 0.67 percent.

Leading internet portal operator Naver rose 0.49 percent on bargain hunting, and Kakao opened unchanged.

The local currency was trading at 1,319.55 won against the U.S. dollar at 9:15 a.m., down 2.15 won from the previous session's close.


Send Feedback
How can we improve?
Thanks for your feedback!