Seoul exchange rises after US markets climb and oil prices fall
South Korea's stock market in Seoul opened higher on Thursday, responding to overnight gains in US indexes and easing oil prices. As The Korea Herald reports, the Korea Composite Stock Price Index pared some of its gains after an initial rise of 1.33%, but was up 37.68 points, or 0.57%, at 6,600.4 points as of 9:15 a.m.
Recovery after the decline
In the previous trading session, Seoul's main index fell 3.99% to 6,562.72 points. Investor sentiment was then affected by concerns over tensions in the Middle East and the possibility of further interest-rate hikes by the US Federal Reserve.
The Dow Jones Industrial Average rose 0.56% the day before, while the technology-heavy Nasdaq Composite gained 0.45%. US President Donald Trump said that renewed US attacks on Iran would likely be short-lived. This eased inflation concerns as oil prices declined.
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Technology companies advance
Technology companies led the gains in Seoul. Shares in Samsung Electronics added 1.2%, while those of chipmaker SK hynix rose 1.05%. Hyundai Motor shares increased 0.13%, and LG Energy Solution gained 1.29%.
At the same time, shares of oil refiner SK Innovation lost 3.5%, while those of mobile operator SK Telecom fell 2.74%. As of 9:15 a.m., the South Korean won was quoted at 1,362.2 won per US dollar, 3 won lower than at the close of the previous trading session.
