Seoul: South Korean stocks opened higher Friday, led by gains in major technology heavyweights, following overnight advances on Wall Street. After opening 3.57 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 171.01 points, or 2.41 percent, to 7,467.91 as of 9:15 a.m.
According to Yonhap News Agency, U.S. stocks closed higher overnight, buoyed by a strong rebound in semiconductor shares and easing oil prices. The Dow Jones Industrial Average gained 0.27 percent, while the S and P 500 rose 0.81 percent. The tech-heavy Nasdaq Composite climbed 1.3 percent, contributing to the positive sentiment in Seoul.
In Seoul, major market heavyweights generally moved upward. Market bellwether Samsung Electronics advanced 2.16 percent, while its chipmaking rival SK hynix edged down 0.23 percent after opening higher. Samsung Electro-Mechanics, an electronic components manufacturing affiliate of Samsung Electronics, added 3.95 percent, further bolstering the tech sector performance.
The Korean won was trading at 1,509 won against the U.S. dollar, up 0.5 won from the previous session, as of 9:15 a.m., reflecting the positive market trends and investor confidence in the tech sector's growth.