Seoul:Seoul stocks opened higher on Friday following a significant dip in the previous session, which had seen a more than 7 percent decline due to concerns over artificial intelligence trade and U.S. inflation.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose by 85.62 points, or 1.54 percent, reaching 5,639.84 at 915 a.m. This uptick comes after major stock indexes on Wall Street closed higher overnight, although significant AI and semiconductor shares ended lower.
The S&P 500 increased by 0.33 percent, and the Nasdaq edged up by 0.08 percent. September's U.S. producer price data showed the largest increase in over four years, reinforcing speculation that the Federal Reserve might raise key interest rates to control inflation.
In Seoul, most market heavyweights experienced gains. Samsung Electronics and SK hynix, both major players in the chip industry, saw increases of 1.55 percent and 0.48 percent, respectively. Hyundai Motor advanced by 2.54 percent, KB Financial jumped 4.72 percent, and Hanwha Aerospace rose 4.37 percent.
The Korean won was trading at 1,340.6 won against the U.S. dollar at 915 a.m., up by 1.4 won from the previous session's close.