Kospi opens higher tracking U.S. gains as oil prices ease

Seoul stocks opened 1.33 percent higher after Wall Street gains and U.S. President Trump’s remarks eased concerns over a prolonged Iran conflict.

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Kospi and Kosdaq figures are shown on a digital board inside Hana Bank's main branch in Jung District, central Seoul, on Sept. 1.

Stocks opened higher Thursday, tracking overnight gains on Wall Street, while oil prices eased after U.S. President Donald Trump played down the prospect of a prolonged conflict with Iran.

The benchmark Kospi rose 87.61 points, or 1.33 percent, to 6,650.33 at the opening bell.

The main index plunged 3.99 percent to 6,562.72 in the previous session amid concerns about tensions in the Middle East and the possibility of further U.S. Federal Reserve rate hikes.

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Overnight, the Dow Jones Industrial Average rose 0.56 percent, while the tech-heavy Nasdaq composite gained 0.45 percent.

Trump said renewed U.S. attacks on Iran would likely be short-lived, easing concerns about inflation.


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