Lead

South Korean stocks opened higher Thursday, sustained by a tech rally after Alphabet's latest earnings results reaffirmed demand for artificial intelligence, according to Yonhap News Agency.

The benchmark Korea Composite Stock Price Index (KOSPI) was up 207.25 points, or 3.05 percent, to 7,004.95 as of 9:35 a.m., Yonhap reported. In the first minute of trading, the index had gained 173.92 points, or 2.56 percent, to 6,971.62.

Overnight, U.S. stocks closed lower as investors remained cautious ahead of earnings releases from big tech companies and escalating tensions in the Middle East, the report said.

Coverage Comparison

Both Yonhap articles reported the same opening story, with one providing an update with additional details. The earlier version noted the KOSPI was up 173.92 points, or 2.56 percent, to 6,971.62, while the updated version showed the index had risen further to 7,004.95 as of 9:35 a.m. The updated article also included information on the performance of market heavyweights and the Korean won's exchange rate.

Key Claims

  • Alphabet's earnings and AI demand: Google's parent Alphabet reported better-than-expected revenue for the second quarter Wednesday (U.S. time), driven by growth of 82 percent in its cloud business. The company also lifted its forecast for capital expenditures to address booming AI demand, according to Yonhap.
  • U.S. stock market and Middle East tensions: U.S. stocks closed lower as investors remained cautious, with escalating tensions in the Middle East cited as a factor. Yonhap reported that the United States launched the 12th consecutive strike against Iran, with President Donald Trump threatening to "bomb and destroy" an Iranian bridge or power plant each time Tehran strikes ships in the Strait of Hormuz. The waterway remains open, but traffic has slowed due to weeks of back-and-forth attacks, pushing up global oil prices.
  • Market heavyweights: Most market heavyweights were trading higher, according to Yonhap. Top-cap Samsung Electronics advanced 3.17 percent, while industry rival SK hynix added 4.21 percent. Carmaker Hyundai Motor moved up 2.63 percent, major financial firm KB Financial inched up 1.37 percent, and battery maker LG Energy Solutions jumped 3.12 percent.
  • Currency: The Korean won was quoted at 1,473.3 won against the U.S. dollar as of 9:35 a.m., up 4.2 won from the previous session, Yonhap reported.