Seoul: Seoul shares ended higher Wednesday as major chipmakers rallied on continued optimism over artificial intelligence (AI), outweighing concerns over escalating tensions in the Middle East. The Korean won strengthened against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 97.12 points, or 1.4 percent, to 7,051.64.
According to Yonhap News Agency, the index opened 0.26 percent higher and extended gains in the afternoon trading, led by chip giants Samsung Electronics and SK hynix. Overnight, the Philadelphia semiconductor index increased 1.3 percent despite declines on Wall Street's three main indexes amid escalating tensions in the Middle East.
Global oil prices extended gains amid concerns over potential supply disruptions following another round of strikes on energy infrastructure in the Middle East.