Seoul Stock Exchange Slightly Stronger, Chip Stocks Back in Demand

JAKARTA - South Korea's stock exchange opened slightly stronger on Tuesday. Market sentiment improved after Wall Street rose and Middle East tensions began to ease.

Yonhap quoted Tuesday, June 30, reported that the Korea Composite Stock Price Index or KOSPI benchmark index rose 57.13 points, or 0.68 percent, to 8,451.78 at 09.15.

Investors are more daring to enter the market after the United States and Iran are scheduled to resume talks in Qatar. The talks are aimed at easing tensions in the Strait of Hormuz and reducing the risk of disruptions to global oil supplies.

Last night, Wall Street strengthened sharply as investors again hunted for technology stocks. The Dow Jones Industrial Average rose 0.59 percent and closed at a record high. The Nasdaq Composite jumped 2.07 percent, while the S&P 500 gained 1.18 percent.

Crude oil prices rose slightly as investors monitored the implementation of the US-Iran peace framework.

In Seoul, Samsung Electronics shares rose 2.32 percent. Chip giant SK hynix also strengthened slightly by 0.42 percent.

The two companies on Monday announced long-term investment plans to accelerate the construction of new semiconductor plants in Gyeonggi Province and build additional production facilities in the southwest region of South Korea.

However, battery stocks moved in the opposite direction. Investors took profits after a sharp rise in the previous session.

LG Energy Solution fell 6.74 percent, while Samsung SDI weakened 2.73 percent.

The Korean won was trading at 1,547.55 won per US dollar at 0915, down 2.35 won from the previous session.