Seoul Stocks Surge as Wall Street’s Gains Boost Market Confidence

Seoul shares opened higher Friday, tracking gains on Wall Street following the release of strong economic data despite lingering concerns over US tariffs.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.54 points, or 0.14 percent, to 3,196.83 in the first 15 minutes of trading.

On Thursday, the Dow Jones Industrial Average climbed 0.52 percent to 44,484.49, while the tech-heavy Nasdaq composite advanced 0.75 percent to 20,885.65.

A boost in U.S. retail sales for June eased worries about weak consumer spending, while applications for unemployment benefits also declined last month, painting a rosier economic picture.

However, market sentiment remains cautious as President Donald Trump recently notified key U.S. trading partners of new tariff rates set to take effect Aug. 1 unless more favorable terms are reached in ongoing negotiations.

In Seoul, tech and auto stocks led the upward trend.

Market heavyweight Samsung Electronics gained 1.05 percent, while semiconductor giant SK hynix edged up 0.19 percent.

Leading automaker Hyundai Motor saw a 0.48 percent increase, and battery powerhouse LG Energy Solution surged 1.26 percent.

On the downside, shipbuilder Hanwha Ocean dipped 0.74 percent, and major shipping company HMM fell 1.78 percent.

The Korean won strengthened against the U.S. dollar, trading at 1,391.15 won per dollar as of 9:15 a.m., up 1.45 won from the previous session’s close.