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Seoul shares open tad higher on chip rally

All News 09:24 May 26, 2023

SEOUL, May 26 (Yonhap) -- South Korean stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the United States' debt ceiling to avoid a default.

The benchmark Korea Composite Stock Price Index (KOSPI) added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent, after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance.

But the Dow Jones Industrial Average shed 0.11 percent as little progress has been made on the debt ceiling talks.

In Seoul, tech heavyweight Samsung Electronics jumped 1.31 percent, and chip giant SK hynix spiked 2.9 percent.

But chemicals opened mixed following recent sharp gains. Leading battery maker LG Energy Solution shed 0.51 percent, while LG Chem inched up 0.14 percent. Samsung SDI went down 0.29 percent.

Carmakers opened lower, with top automaker Hyundai Motor skidding 0.74 percent and Kia falling 0.23 percent.

Large-cap bio shares opened mixed, with Samsung Biologics going down 0.26 percent and Celltrion rising 0.23 percent.

Leading internet portal operator Naver shed 0.49 percent on bargain hunting, and Kakao retreated 0.18 percent.

The local currency was trading at 1,328.75 won against the U.S. dollar at 9:15 a.m., down 2.75 won from the previous session's close.


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