Seoul: Seoul shares opened higher Monday on gains made by technology companies ahead of the release of major companies' second-quarter earnings results. The benchmark Korea Composite Stock Price Index (KOSPI) rose 198.39 points, or 2.45 percent, to 8,286.73 as of 9:20 a.m.
According to Yonhap News Agency, investors are closely monitoring corporate earnings results for indications that the substantial spending on artificial intelligence (AI) infrastructure is translating into profits, amidst considerations of whether the AI-driven rally can be maintained. In Seoul, tech stocks led the upward trend.
Market bellwether Samsung Electronics saw a rise of 2.75 percent, while chip giant SK hynix advanced by 0.45 percent. Top carmaker Hyundai Motor climbed 0.7 percent, defense giant Hanwha Aerospace gained 1.7 percent, and Mirae Asset Securities surged 6.43 percent.
However, not all sectors witnessed gains. Among the decliners, leading battery firm LG Energy Solution fell 1.52 percent, and low-cost carrier Air Busan saw a slight decline of 0.19 percent. Meanwhile, the Korean won was trading at 1,533.90 won against the U.S. dollar, marking a decrease of 8.3 won from the previous session.