Seoul shares open sharply higher on tech rebound, Iran-Israel ceasefire

The Korea Times

Seoul shares open sharply higher on tech rebound, Iran-Israel ceasefire

South Korean stocks opened sharply higher Tuesday, rebounding from the previous session's over 8 percent plunge, as major technology shares bounced back amid a ceasefire between Israel and Iran and sentiment that business fundamentals of sectors related to artificial intelligence (AI) remain strong. The benchmark Korea Composite Stock Price Index (KOSPI) rose 213.35 points, or 2.85 percent, to 7,697.76 at the opening bell. The rebound came after the KOSPI slid more than 8 percent Monday on a tech hemorrhage sparked by woes over AI profitability and a possible rate hike by the U.S. Federal Reserve, fueled after the release of hotter-than-expected U.S. jobs data for May. Overnight, major U.S. indexes closed mixed as investors digested news that Israel and Iran halted attacks on each other after a warning from U.S. President Donald Trump and as technology stocks bounced back after their steep fall Friday (local time). The Dow Jones Industrial Average closed 0.16 percent lower, while the S&P 500 rose 0.3 percent and the tech-heavy Nasdaq composite added 0.86 percent. Micron surged 9.87 percen

Go to News Site

Google Play

App Store