Seoul: South Korean stocks opened higher Wednesday, despite Wall Street losses, led by tech and bio shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 20.50 points, or 0.78 percent, to 2,632.84 in the first 15 minutes of trading.
According to Yonhap News Agency, overnight U.S. shares sank amid uncertainties surrounding the impact of U.S. President Donald Trump's tariff scheme and concerns about an economic slowdown. The Dow Jones Industrial Average lost 0.62 percent, and the tech-heavy Nasdaq composite dipped 1.71 percent. Investors also closely watched the Federal Reserve's two-day rate-setting meeting that began Tuesday (U.S. time) and Fed Chair Jerome Powell's comments on the monetary policy path and an economic assessment.
In Seoul, market bellwether Samsung Electronics surged 1.91 percent, while chip giant SK hynix shed 0.25 percent. Leading battery maker LG Energy Solution advanced 0.92 percent, and No. 1 steelmaker POSCO Holdings soared 1.64 percent. Bio shares opened higher, with major bio firm Samsung Biologics increasing 0.46 percent, and Celltrion going up 0.32 percent. Top automaker Hyundai Motor increased 0.5 percent, while its sister affiliate Kia lost 0.41 percent.
The local currency was trading at 1,451.75 won against the greenback at 9:15 a.m., up 1.15 won from the previous session.