(LEAD) Seoul stocks open higher on Wall Street gains, renewed AI optimism | Yonhap News Agency

SEOUL, Oct. 27 (Yonhap) -- South Korea's stock market opened on a positive note on Tuesday, buoyed by gains on Wall Street and a renewed enthusiasm for artificial intelligence (AI) amid declining oil prices that contributed to a more optimistic investor outlook.

As of 9:15 a.m., the benchmark Korea Composite Stock Price Index (KOSPI) had climbed by 189.18 points, representing an increase of 3.46 percent, bringing it to 5,658.65.

In the previous trading session, U.S. markets saw notable gains, with the Dow Jones Industrial Average rising by 0.28 percent, the S&P 500 advancing by 0.7 percent, and the tech-focused Nasdaq Composite increasing by 0.82 percent.

The positive sentiment in the market was fueled by the strong revenue growth reported by AI startup Anthropic in its filing for an initial public offering (IPO) in the United States. This development has rekindled interest in AI-related stocks as investors look ahead to significant earnings reports from major technology companies and the upcoming decision on interest rates by the Federal Reserve.

Additionally, oil prices experienced a downturn, with hopes for reduced tensions in the Middle East following reports of mediation efforts by Qatar involving Iran and the United States. This contributed to a more favorable economic outlook among investors.

Major stocks on the KOSPI saw broad gains. Market leader Samsung Electronics experienced a rise of 4.69 percent, while semiconductor company SK hynix surged by 7.14 percent. SK Square, the parent company of SK hynix, saw its shares jump by 10.4 percent, and Samsung Electro-Mechanics, a component manufacturer affiliated with Samsung Electronics, rose by 8.77 percent.

At 9:15 a.m., the Korean won was valued at 1,325.3 won against the U.S. dollar, reflecting a slight increase of 0.7 won compared to the previous trading day’s close.

This optimistic start to the trading day highlights the resilience of South Korean stocks in the face of global market trends and the ongoing developments in the technology sector.