Seoul: South Korean stocks opened higher Tuesday, as investors went bargain hunting for semiconductors and tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.67 points, or 0.72 percent, to 3,165.6 in the first 15 minutes of trading.
According to Yonhap News Agency, Seoul stocks had plunged more than 1 percent Monday, as investors offloaded tech shares on reports that China's Alibaba has developed a new artificial intelligence (AI) chip. Washington's announcement that it would require Samsung and SK hynix to secure licenses for sending certain U.S. chipmaking equipment to their plants in China also led the decline.
Meanwhile, investors are keeping an eye on the United States' August employment tally set to be released Friday (U.S. time), which will provide hints to the Federal Reserve's next policy direction. Semiconductor and tech shares led the gains, with top-cap Samsung Electronics jumping 1.92 percent, rival SK hynix adding 1.27 percent, and major portal operator Naver advancing 5.1 percent.
The local currency had been trading at 1,392.9 won against the U.S. dollar as of 9:15 a.m., up 0.8 won from the previous session's close.