Kospi climbs higher despite Wall Street losses

Screens in Hana Bank's trading room in central Seoul shows stock markets open on Wednesday. [YONHAP]

Stocks started higher Wednesday on foreign and institutional buying despite overnight losses on Wall Street.

The Kospi climbed 11.49 points, or 0.43 percent, to 2,669.28 in the first 15 minutes of trading.

Overnight, the U.S. stock market lost ground on investors' profit-taking ahead of the earnings release of AI chip leader Nvidia.

Nvidia is expected to release strong fourth-quarter results later Wednesday thanks to continued demand for the company's AI chips.

In Seoul, Samsung Electronics rose 0.27 percent and SK hynix gained 0.47 percent.

Auto shares also started in positive terrain, with Hyundai Motor up 1.65 percent and Kia up 1.64 percent.

Battery shares were mixed.

LG Energy Solution lost 0.37 percent and Posco Future M retreated 0.49 percent, but Samsung SDI advanced 0.38 percent.

Samsung C&T, the de facto holding company of Samsung Group, and Samsung Life Insurance jumped 2.03 percent and 5.14 percent, respectively, on expectations of an increase in shareholders' value.

The local currency was trading at 1,334.20 won against the dollar, down 3.4 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [lee.soojung1@joongang.co.kr]