Seoul stocks achieved a record-high opening on Tuesday, driven by anticipation of upcoming earnings releases from major US big tech firms like Alphabet and Meta, even as the extended crisis in the Middle East continues.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced significantly, climbing 41.02 points, or 0.62 percent, to reach 6,656.05 by 9:15 a.m.
This strong performance followed the KOSPI’s previous session, where it closed at an all-time high of 6,615.03 points.
Overnight, Wall Street’s major stock indexes showed mixed results, though both the S&P500 and the tech-heavy Nasdaq edged slightly higher, reaching new all-time highs.
Globally, investors adopted a cautious wait-and-see approach, keenly anticipating the first-quarter earnings reports from influential ‘Magnificent 7’ technology companies such as Alphabet, Microsoft, and Apple.
Meanwhile, the ongoing geopolitical tensions in the Middle East remained a significant focus. The White House confirmed that US President Donald Trump was scheduled to meet with top national security officials to address the persistent stalemate in diplomatic discussions with Iran.
Further exacerbating the regional instability, Iran’s foreign minister also held discussions with Russian President Vladimir Putin on Monday. According to Iran’s foreign ministry, their talks included “the war and the aggression” attributed to the US and Israel.
Iran stated it is reassessing its diplomatic strategies to resolve the conflict, attributing the slow progress to Washington’s “destructive habits.”
Reflecting the heightened regional tensions, global oil prices remained elevated, with Brent crude, the key international oil benchmark, trading above $100 per barrel, marking a three-week high.
Back in Seoul, the majority of large-capitalization shares experienced upward movement.
However, market leader Samsung Electronics slightly dipped by 0.78 percent, contrasting with its semiconductor rival SK hynix, which advanced a robust 1.86 percent.
Elsewhere, battery manufacturer LG Energy Solution saw a gain of 1.94 percent, and leading automaker Hyundai Motor climbed 1.34 percent. Meanwhile, prominent financial conglomerate KB Financial experienced a slight decline of 0.64 percent.
