South Korean stock index rises amid gains in chipmakers’ shares
South Korea’s Kospi stock index opened higher on Tuesday amid gains in semiconductor makers’ shares. According to The Korea Herald, at 9:15 a.m. the index rose by 54.51 points, or 0.78%, to 7,049.90 points. At the start of trading, the Kospi gained 0.72%.
Rise in technology stocks
In the previous trading session, the index added more than 4% amid a rally in technology stocks and renewed expectations regarding the dynamics of artificial intelligence-related earnings.
Samsung Electronics shares rose 1.11%, while shares of its chipmaking rival SK hynix gained 2.97%. Shares of state-run energy company Korea Electric Power Co. jumped 3.82%, while those of oil refiner SK Innovation added 1.6%.
Energy prices and inflation
At the same time, escalating tensions in the Middle East contributed to rising oil prices. Higher energy prices intensified investors’ inflation concerns as they watch whether the U.S. Federal Reserve will raise rates or leave them unchanged.
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Investors are also awaiting Friday’s inflation report, which may signal the further trajectory of rates. The U.S. stock market was closed on September 7 for the federal holiday of Labor Day.
Tehran said that an agreement with Oman on managing shipping through the Strait of Hormuz was close and warned of the risk of attacks on vessels off Oman’s coast. Among the decliners in Seoul, Hyundai Motor shares lost 0.76%, while LG Energy Solution shares fell 1.24%.
At 9:15 a.m., the South Korean won traded at 1,338.55 won per U.S. dollar, 8.15 won higher than at the close of the previous trading session.
