South Korea’s stock index rises on chipmakers’ shares
In Seoul, South Korea, the benchmark Korea Composite Stock Price Index rose on Wednesday morning amid gains in shares of major chipmakers. According to the Korea Herald, as of 9:15 a.m., the index had added 65.98 points, or 0.93%, to 7,019.5 points.
Growth of technology companies
The index opened 0.26% higher and continued to strengthen. Samsung Electronics shares rose by 0.37%, while SK hynix shares gained 1.78%.
Hyundai Motor shares rose by 0.78%, while Hanwha Aerospace gained 2.43%. Shares of shipbuilder Hanwha Ocean climbed 4.18% after it was selected as the preferred bidder for a frigate construction project for the Royal Thai Navy. The project is valued at about $500 million.
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Impact of the situation in the Middle East
On the previous day, U.S. stock indexes ended trading lower due to escalating tensions in the Middle East and rising oil prices. At the same time, the Philadelphia Semiconductor Index gained 1.3% amid optimism over artificial intelligence.
Global oil prices continued to rise amid concerns about possible supply disruptions following a new series of strikes on energy infrastructure in the Middle East. As of 9:15 a.m., the South Korean won was trading at 1,339.4 won per U.S. dollar, strengthening by 3.4 won compared with the close of the previous trading session.
