(LEAD) Seoul shares open higher despite U.S. losses amid Middle East pessimism

Lead

South Korean shares opened higher on Wednesday, led by gains in major technology stocks, despite overnight losses on Wall Street as optimism over a potential U.S.-Iran peace deal faded, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) traded up 149.19 points, or 2.35 percent, at 6,494.71 as of 9:15 a.m., according to Yonhap.

Coverage Comparison

Yonhap's reporting on Wednesday highlighted that the market opened 1.47 percent higher before extending gains. The report attributed the rise to strength in technology shares, including Samsung Electronics, which climbed 4.18 percent, and SK hynix, which gained 3.02 percent. SK Square, the parent of SK hynix, surged 6.35 percent, while Samsung Electro-Mechanics increased 3.88 percent.

In contrast, U.S. markets declined overnight. The Dow Jones Industrial Average fell 0.34 percent, the S&P 500 declined 0.32 percent to 7,728.2, and the Nasdaq composite shed 0.60 percent, Yonhap reported.

The Korean won was trading at 1,414.2 won against the U.S. dollar as of 9:15 a.m., down 1.2 won from the end of stock trading the previous day.

Separately, Yonhap reported on Friday that Seoul shares opened higher, led by technology stocks, despite renewed geopolitical tensions in the Middle East. On that day, the KOSPI opened 68.69 points, or 1.09 percent, higher at 6,365.07, following a 4.58 percent plunge in the previous session.

The Friday report noted that U.S. stocks declined overnight, though the Dow Jones Industrial Average rose 0.85 percent and the tech-heavy Nasdaq Composite climbed 0.06 percent amid a lack of clarity over a possible agreement between the United States and Iran to reopen the Strait of Hormuz.

Key Claims

• The KOSPI traded up 149.19 points, or 2.35 percent, at 6,494.71 as of 9:15 a.m. on Wednesday, as reported by Yonhap.
• The Dow Jones Industrial Average fell 0.34 percent, the S&P 500 declined 0.32 percent to 7,728.2, and the Nasdaq composite shed 0.60 percent overnight, as reported by Yonhap.
• Samsung Electronics rose 4.18 percent, SK hynix gained 3.02 percent, SK Square shot up 6.35 percent, and Samsung Electro-Mechanics increased 3.88 percent, according to Yonhap.
• On Friday, the KOSPI opened 68.69 points, or 1.09 percent, higher at 6,365.07, as reported by Yonhap.
• The Friday report also stated that the Dow Jones Industrial Average rose 0.85 percent and the Nasdaq Composite climbed 0.06 percent overnight, amid a lack of clarity over a potential U.S.-Iran agreement.
• Yonhap reported that Iran plans to deny U.S. and Israeli ships access to the Strait of Hormuz and require compensation from countries it considers hostile before allowing passage.