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Seoul shares open higher on strong Nvidia results

Feb. 22, 2024 - 09:50 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

South Korean stocks started a tad higher Thursday as chipmakers traded in positive territory on a strong earnings report from Nvidia overnight.

The benchmark Korea Composite Stock Price Index gained 8.21 points, or 0.31 percent, to 2,661.52 in the first 15 minutes of trading.

Wall Street stocks were mixed last night as the US central bank's minutes hinted at slower interest rate cuts. The Dow Jones Industrial Average finished 0.1 percent higher, but the tech-rich Nasdaq Composite Index fell 0.3 percent.

After the market closure, Nvidia reported stronger-than-expected fourth quarter results thanks to rising demand for its artificial intelligence chips.

In Seoul, semiconductor shares led the upbeat start.

Samsung Electronics, the world's No. 1 memory chipmaker, rose 0.68 percent and its rival SK hynix, a key supplier of Nvidia, jumped 3.29 percent.

Top carmaker Hyundai Motor climbed 0.21 percent and its sister Kia added 0.09 percent.

Leading battery manufacturer LG Energy Solution advanced 0.49 percent, and Posco Future M increased 1.46 percent.

The local currency was trading at 1,333.15 won against the US dollar, up 1.55 won from the previous session's close. (Yonhap)