Seoul shares open tad higher on chip rally

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Seoul shares open tad higher on chip rally

Published: 26 May. 2023, 09:45 Updated: 26 May. 2023, 09:59

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets close on Thursday. [YONHAP]

Stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the U.S. debt ceiling to avoid a default.

The benchmark Kospi added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance.

But the Dow Jones Industrial Average shed 0.11 percent as little progress has been made on the debt ceiling talks.

In Seoul, Samsung Electronics jumped 1.31 percent, and SK hynix spiked 2.9 percent.

Chemicals opened mixed following recent sharp gains. Battery maker LG Energy Solution shed 0.51 percent, while LG Chem inched up 0.14 percent. Samsung SDI went down 0.29 percent.

Hyundai Motor dropped 0.74 percent, and Kia fell 0.23 percent.

Bio shares opened mixed, with Samsung Biologics going down 0.26 percent and Celltrion rising 0.23 percent.

Portal operator Naver shed 0.49 percent, and Kakao retreated 0.18 percent.

The local currency was trading at 1,328.75 won against the dollar at 9:15 a.m., up 2.75 won from the previous session's close.

Yonhap