South Korean stocks opened with gains on Tuesday, mirroring positive momentum from Wall Street overnight, driven by receding anxieties regarding an artificial intelligence bubble.
The Korea Composite Stock Price Index (KOSPI), the benchmark index, increased by 39.13 points, or 0.74 percent, reaching 5,337.17 in the initial 15 minutes of trading, surpassing the significant 5,300-point threshold.
On Monday in the US, the Nasdaq composite experienced a 0.9 percent rise, and the S&P 500 gained 0.47 percent as investors increased their holdings in technology stocks, alleviated by eased concerns about AI valuations. Market participants also anticipate the release of crucial US economic reports scheduled throughout the week. The Dow Jones Industrial Average saw a slight increase of 0.04 percent.
In Seoul, the performance of large-cap stocks was mixed at the market’s opening.
Semiconductor industry leaders Samsung Electronics and SK hynix saw increases of 0.6 percent and 1.24 percent, respectively, following the bullish trend of US tech shares.
Automotive giant Hyundai Motor showed significant growth, rising by 3.45 percent, while its affiliate Kia also saw an increase of 1.17 percent.
Financial stocks also exhibited strength, with KB Financial rising by 2.05 percent and Shinhan Financial jumping by 3.43 percent. Samsung Life Insurance advanced by 2.64 percent.
Conversely, leading battery manufacturer LG Energy Solution experienced a decline of 1.14 percent, and defense company Hanwha Aerospace decreased by 2.35 percent.
Power plant construction company Doosan Enerbility decreased by 1.26 percent, and Korea Electric Power also dipped by 1.44 percent.
