Seoul: Seoul shares opened higher Wednesday, as gains in major chipmakers offset lingering concerns over escalating tensions in the Middle East and rising oil prices.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) started the day 0.26 percent higher and continued to rise, trading 65.98 points, or 0.93 percent, higher at 7,019.5 as of 9:15 a.m. Despite overnight declines in U.S. stocks triggered by increased Middle East tensions and climbing oil prices, the Philadelphia Semiconductor Index showed a positive trend, gaining 1.3 percent due to ongoing optimism surrounding artificial intelligence.

Global oil prices continued to climb amid fears of potential supply disruptions following renewed strikes on energy infrastructure in the Middle East. In Seoul, technology heavyweights were at the forefront of the gains, with Samsung Electronics increasing by 0.37 percent and chip giant SK hynix rising by 1.78 percent.

Other significant movers included top automaker Hyundai Motor, which saw an increase of 0.78 percent, and defense firm Hanwha Aerospace, which advanced by 2.43 percent. Hanwha Ocean experienced a notable gain of 4.18 percent after being selected as the preferred bidder for a Royal Thai Navy frigate project valued at approximately US$500 million.

The Korean won was trading at 1,339.4 won against the U.S. dollar as of 9:15 a.m., marking an increase of 3.4 won from the close of the previous stock trading session.