Seoul shares sharply up late Tuesday morning on tech rally, lower oil prices
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The benchmark KOSPI is displayed at a dealing room of Hana Bank in Seoul, Tuesday. Yonhap
Korean stocks traded sharply higher late Tuesday morning as investor sentiment was boosted by a rally in technology shares and a decline in oil prices.
Opening 4.55 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) gained 226.87 points, or 4.52 percent, to 5,245.72 as of 11:20 a.m.
Overnight on Wall Street, three major stock indexes finished higher as hopes for an end of the U.S.-Iran war dragged down oil prices and eased inflation fears.
In Seoul, large-cap tech shares led the upbeat mode.
Market bellwether Samsung Electronics jumped 5.11 percent, and its chipmaking rival SK hynix vaulted 6.78 percent.
Hanmi Semiconductor, a leading chip equipment maker, soared 7.16 percent, and SK Square, the parent of SK hynix, advanced 5.26 percent.
Korean Air and Asiana Airlines surged 11.34 percent and 12.07 percent, respectively, on lower oil prices.
The Korean won was trading at 1,345.75 won against the U.S. dollar as of 11:20 a.m., down 5.75 won from the previous trading session’s close.
