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Kospi opens higher on chip gains as tariff concerns ease

Published: 14 May. 2025, 15:15 Updated: 28 May. 2025, 19:01

Currency traders work near a screen showing the Korea Composite Stock Price Index, left, and the foreign exchange rate between U.S. dollar and Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in central Seoul on May 14. [AP/YONHAP]

Korean stocks opened higher Wednesday as investors shored up semiconductor and heavy industry shares amid eased tariff concerns following a recent trade agreement between the United States and China.

The benchmark Korea Composite Stock Price Index rose 16.59 points, or 0.64 percent, to 2,625.01 in the first 15 minutes of trading.

Chip giants Samsung Electronics and SK hynix jumped 0.97 percent and 3.02 percent, respectively, tracking overnight U.S. tech share gains over news of Nvidia's plan to supply 18,000 units of its AI chip Blackwell to Saudi Arabia.

Heavy industry shares also advanced, with leading defense systems manufacturer Hanwha Aerospace rising 1.87 percent and shipbuilder HD Hyundai Heavy Industries adding 0.61 percent.

Battery and bio-related shares, however, lost ground. Leading battery company LG Energy Solution slumped 1.12 percent, while Samsung Biologics dropped 0.7 percent.

The local currency was trading at 1,416.2 won against the U.S. dollar at 9:15 a.m., down 0.2 won from the previous session.

Yonhap