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Kospi nudges higher as Nvidia posts strong earnings

Published: 22 Feb. 2024, 10:12

LEE SOO-JUNG
[email protected]

Screens in Hana Bank's trading room in central Seoul shows stock markets open on Thursday. [NEWS1]

Stocks started a tad higher Thursday as chipmakers traded in positive territory on a strong earnings report from Nvidia overnight.

The Kospi gained 8.21 points, or 0.31 percent, to 2,661.52 in the first 15 minutes of trading.

Foreign investors bet $5.2 billion on Kospi as 'Korea discount' plans near

Wall Street stocks were mixed last night as the U.S. central bank's minutes hinted at slower interest rate cuts. The Dow Jones Industrial Average finished 0.1 percent higher, but the tech-rich Nasdaq Composite Index fell 0.3 percent.

After the market closed, Nvidia reported stronger-than-expected fourth quarter results thanks to rising demand for its AI chips.

In Seoul, semiconductor shares led the upbeat start.

Samsung Electronics rose 0.68 percent and its rival SK hynix, a key supplier of Nvidia, jumped 3.29 percent.

Hyundai Motor climbed 0.21 percent and Kia added 0.09 percent.

LG Energy Solution advanced 0.49 percent and Posco Future M increased 1.46 percent.

The local currency was trading at 1,333.15 won against the dollar, down 1.55 won from the previous session's close.

BY LEE SOO-JUNG, YONHAP [[email protected]]