(LEAD) Seoul shares open tad higher on Wall Street gains as Middle East tensions ease

Lead

South Korean stocks opened higher on Tuesday, tracking overnight gains on Wall Street as easing tensions in the Middle East boosted investor appetite for tech shares, Yonhap News Agency reported. The benchmark Korea Composite Stock Price Index (KOSPI) gained 57.13 points, or 0.68 percent, to 8,451.78 as of 9:15 a.m., according to Yonhap's first update. In a later update at 11:20 a.m., the index was trading 8.97 points, or 0.11 percent, higher at 8,403.62, after having opened 0.68 percent higher.

Investor sentiment improved after the United States and Iran were set to resume talks in Qatar aimed at easing tensions in the Strait of Hormuz, alleviating concerns over a prolonged disruption to global oil supplies, as reported by Yonhap. Overnight, Wall Street rebounded sharply as investors returned to technology stocks, with the Dow Jones Industrial Average gaining 0.59 percent to close at a record high, while the Nasdaq composite jumped 2.07 percent and the S&P 500 advanced 1.18 percent. Crude prices also rose modestly as investors monitored implementation of the U.S.-Iran peace framework, the news agency added.

Coverage comparison

Yonhap published two updates for the June 30 session. The first, at 9:15 a.m., reported the KOSPI's opening gains and included detailed moves for Samsung Electronics and SK hynix, the won-dollar exchange rate, and the two chipmakers' investment announcements. The second, at 11:20 a.m., provided updated index and currency figures, as well as revised moves for tech and battery stocks, but did not include the specific investment-plan details that appeared in the earlier update.

The two updates also showed divergent numbers for individual stocks: Samsung Electronics was up 2.32 percent in the opening report, but rose 1.86 percent in the late update; SK hynix was up 0.42 percent in the first, but slipped 0.27 percent in the second. Battery shares deteriorated further, with LG Energy Solution retreating by 6.74 percent to 8.24 percent and Samsung SDI falling 2.73 percent to 3.12 percent, as profit-taking continued.

Key Claims

• South Korean shares opened higher, with the KOSPI gaining 57.13 points, or 0.68 percent, to 8,451.78 at 9:15 a.m., as per Yonhap.
• By 11:20 a.m., the index had gained 8.97 points, or 0.11 percent, to 8,403.62, according to Yonhap.
• Investor sentiment improved on expectations of U.S.-Iran talks in Qatar to ease Strait of Hormuz tensions, Yonhap reported.
• Wall Street rallied overnight, with the Dow rising 0.59 percent to a record close, the Nasdaq jumping 2.07 percent, and the S&P 500 advancing 1.18 percent, per Yonhap.
• Crude oil prices rose modestly as investors monitored the U.S.-Iran peace framework, Yonhap said.
• Samsung Electronics and SK hynix announced major long-term investment plans to accelerate construction of new semiconductor fabs in Gyeonggi Province and build additional facilities in the country's southwest, according to Yonhap.
• Battery shares fell due to profit-taking, with LG Energy Solution and Samsung SDI losing ground, as reported by Yonhap.
• The Korean won weakened against the dollar, trading at 1,547.55 at 9:15 a.m. and 1,549.15 at 11:20 a.m., down 2.35 won and 3.95 won respectively from the previous session, Yonhap reported.