SEOUL – South Korean stocks opened with notable gains on Tuesday, buoyed by the strong performance of U.S. shares that reached record highs due to increasing optimism about the U.S. economy. In the early trading session, the benchmark Korea Composite Stock Price Index (KOSPI) registered an increase of 9.84 points, or 0.4 percent, climbing to 2,474.19.
According to Yonhap News Agency, this surge in Seoul's stock market follows a robust showing on Wall Street, where major indexes hit all-time highs. The Dow Jones Industrial Average closed up by 0.36 percent, reaching a new peak, while the SandP 500 also set a record high with a 0.22 percent rise. The technology-focused Nasdaq Composite Index followed suit, gaining 0.32 percent.
In Seoul, major players in different sectors showed mixed results in the early trading. Samsung Electronics, the leading technology firm, opened unchanged. SK hynix, the second-largest chipmaker in South Korea, saw a decline of 1.33 percent. However, LG Energy Solution, a prominent battery manufacturer, experienced a 1.08 percent increase in its stock value.
The automotive sector also witnessed a positive start. Hyundai Motor, the industry leader, advanced by 1.55 percent, while its affiliate Kia Motors reported a 0.57 percent gain. Hyundai Mobis, an auto parts supplier, added 1.01 percent to its stock value. Additionally, IT giants in the region started the day on a high note, with Naver rising 0.69 percent and Kakao, the operator of KakaoTalk, South Korea's top mobile messenger, enjoying a 0.71 percent increase.
The South Korean currency, the won, was trading at 1,339 won against the U.S. dollar, marking a slight decrease of 0.1 won from the previous session's close. This trend reflects the broader impact of global economic sentiments on the South Korean financial market.