South Korean stocks commenced trading higher on Friday, extending gains from the previous session. This positive sentiment echoed strong overnight performances on Wall Street, fueled by increasing optimism for a diplomatic resolution to the geopolitical tensions between the United States and Iran.
The benchmark Korea Composite Stock Price Index (KOSPI) initially climbed 0.74 percent. However, it later pared some gains, ultimately rising by 2.71 points, or 0.03 percent, to reach 7,818.3 by 9:15 a.m. local time.
On Wall Street overnight, major US stock indices advanced significantly. This surge followed Iran’s statement that the latest proposal from the United States had partially narrowed differences between the conflicting parties, fostering renewed hopes for an imminent peace deal to conclude the three-month conflict.
The S&P 500 notably rose by 0.2 percent, while the Dow Jones Industrial Average posted a 0.6 percent gain. The technology-focused Nasdaq composite also saw an increase, adding 0.1 percent.
Back in Seoul, trading among the market’s heavyweights presented a mixed picture.
Leading technology giant Samsung Electronics, a top-cap stock, opened 1.34 percent lower, following a strong surge in the prior session. Its key chipmaking competitor, SK hynix, also experienced a downturn, losing 2.29 percent.
Automobile manufacturing shares similarly faced losses during early trading.
South Korea’s premier automaker, Hyundai Motor, saw its shares shed 2.55 percent, while its affiliate, Kia, also declined by 1.61 percent.
Conversely, artificial intelligence investment firm SK Square registered a gain of 0.76 percent. Prominent battery manufacturer LG Energy Solution also performed strongly, climbing 2.62 percent.
