Kospi opens higher on overnight gains in U.S. semiconductor shares

Stocks opened higher on Wednesday, tracking overnight gains in U.S. semiconductor shares, though elevated U.S. Treasury yields weighed on investor sentiment.

The Kospi gained 80.46 points, or 1.17 percent, to 6,951.27 as of 9:15 a.m.

Overnight, U.S. stocks ended slightly lower despite a decline in oil prices, as persistently high Treasury yields continued to weigh on investor sentiment.

Semiconductor shares, however, bucked the broader weakness. The Philadelphia Semiconductor Index rose 1.32 percent, providing a positive cue for Korean chip giants Samsung Electronics and SK hynix.

The S&P 500 slipped 0.17 percent, the Dow Jones Industrial Average fell 0.26 percent, and the tech-heavy Nasdaq composite index ticked down 0.09 percent.

Market heavyweights were mostly higher.

Samsung Electronics rose 1.1 percent, and SK hynix gained 2.32 percent.

SK Square, the parent company of SK hynix, added 2.33 percent, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, increased 1.51 percent.

The local currency rose 3 won from the previous stock trading session’s close to trade at 1,351 won against the greenback. 

Yonhap