SEOUL - South Korean stocks witnessed a robust opening on Wednesday, buoyed by the previous night's advances in U.S. markets. The benchmark Korea Composite Stock Price Index (KOSPI) saw an increase of 18.84 points, or 0.73 percent, reaching 2,587.39 within the initial 15 minutes of trading.
According to Yonhap News Agency, the positive trend in Seoul's stock market follows gains in U.S. stock indexes. The Dow Jones Industrial Average rose 0.68 percent and the Nasdaq Composite, known for its technology focus, edged up by 0.66 percent. This uptick in the U.S. stock market is attributed to the Federal Reserve's dovish policy shift last week, which has been fueling a rise in market momentum.
In the Seoul market, major blue-chip companies experienced widespread gains. Samsung Electronics, a key market indicator, saw its shares increase by 0.68 percent. SK hynix, the second-largest chipmaker in South Korea, jumped by 1.09 percent. Among other significant gainers, LG Energy Solution, a leader in the battery sector, climbed by 0.59 percent, while its competitor Samsung SDI recorded a 0.89 percent rise.
The trend of rising stocks extended to other major sectors as well. POSCO Holdings, a steel industry heavyweight, edged up by 0.10 percent, and LG Chem, a leading chemical producer, gained 0.60 percent. In the automotive sector, Hyundai Motor's shares rose by 0.62 percent, with its affiliate Kia registering a 0.78 percent increase.
The South Korean currency also strengthened in the market, with the won trading at 1,302.55 against the U.S. dollar, marking a rise of 5.25 won from the close of the previous session.