Kospi opens higher as chip shares rally on Wall Street gains

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Kospi opens higher as chip shares rally on Wall Street gains

Published: 27 Sep. 2024, 10:56

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Friday. [YONHAP]

Shares opened slightly higher Friday, as chip shares gained traction bolstered by overnight gains on Wall Street.

The benchmark Kospi rose 0.04 percent, or 1.03 points, to 2,672.6 in the first 15 minutes of trading.

Overnight, major U.S. indexes gained ground thanks to the surprise earnings result of Micron Technology lifting AI-related shares. The Dow Jones Industrial Average rose 0.62 percent, the S&P 500 increased 0.4 percent and the tech-heavy Nasdaq composite soared 0.6 percent.

In Seoul, semiconductor shares led the overall gains, with Samsung Electronics and SK hynix adding 0.93 percent and 3.92 percent, respectively.

Financial shares also added momentum. Kookmin Financial Group and Shinhan Financial Group rose 3.94 percent and 0.35 percent, respectively.

In contrast, battery and automotive shares lost ground. LG Energy Solution and Hyundai Motor shed 0.85 percent and 1.35 percent, respectively.

The local currency was trading at 1,318 won against the dollar, down 9.2 won from the previous session.

BY YOON SEUNG-JIN, YONHAP [yoon.seungjin@joongang.co.kr]