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Seoul shares open higher amid U.S. rating downgrade aftershock

Published: 20 May. 2025, 13:32 Updated: 28 May. 2025, 19:01

Employees monitor stock and currency markets at Hana Bank’s headquarters dealing room in Jung District, central Seoul, on May 20. [YONHAP]

Korean stocks opened higher Tuesday tracking overnight gains on Wall Street following the United States' sovereign credit rating downgrade.

The benchmark Korea Composite Stock Price Index (Kospi) rose 13.68 points, or 0.53 percent, to 2,617.10 in the first 15 minutes of trading.

Overnight, major U.S. stock indices ended slightly higher, shrugging off the downgrade by Moody's.

The Dow Jones Industrial Average rose 0.32 percent, and the S&P 500 inched up 0.09 percent. The tech-heavy Nasdaq Composite climbed 0.02 percent.

In Seoul, large caps drove the upbeat opening.

Market bellwether Samsung Electronics rose 1.25 percent, and its chipmaking rival SK hynix gained 2.56 percent.

Top carmaker Hyundai Motor advanced 1.44 percent, and leading commercial bank operator KB Financial Group added 0.22 percent.

The local currency was trading at 1,393.2 won against the greenback at 9:15 a.m., up 4.6 won from the previous session.

Yonhap