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Kospi opens higher as U.S. tightens semiconductor rules on China

Published: 03 Dec. 2024, 10:17

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

Shares opened higher Tuesday, tracking gains in U.S. tech stocks after Washington announced a new semiconductor export control package targeting China.

The Kospi shot up 29.74 points, or 1.21 percent, to 2,484.22 in the first 15 minutes of trading.

Overnight, the tech-heavy Nasdaq composite jumped 0.97 percent, and the S&P increased 0.24 percent. The Dow Jones Industrial Average edged down 0.29 percent.

Seoul shares gained ground as the latest U.S. export curbs are expected to have only a limited impact on domestic chipmakers, such as Samsung Electronics and SK hynix, as their dependence on the Chinese market for affected chips remains minimal.

Samsung Electronics added 1.31 percent and SK hynix moved up 1.26 percent.

Financial shares also opened bullish, with KB Financial rising 2.59 percent and Shinhan Financial Group climbing 2.41 percent.

The local currency was trading at 1,403.5 won against the greenback at 9:15 a.m., up 2.2 won from the previous session.

Yonhap