Seoul: South Korean stocks opened higher Wednesday despite massive sell-offs in U.S. semiconductor shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 152.95 points, or 1.86 percent, to 8,356.79 at the opening bell.
According to Yonhap News Agency, overnight, Wall Street closed lower as sharp declines in memory chip and semiconductor stocks weighed on investor sentiment amid broader concerns about the artificial intelligence sector. The Dow Jones Industrial Average slipped 0.09 percent. The S and P 500 dropped 1.44 percent, while the tech-heavy Nasdaq Composite Index fell 2.21 percent.
The KOSPI had plunged nearly 10 percent Tuesday as foreign investors dumped major semiconductor shares and other market heavyweights amid profit-taking.