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Seoul shares rise 0.93% as chipmakers offset Middle East concerns

  • Seoul shares rose as major chipmakers offset Middle East tensions and higher oil prices.
  • 7,019.5 was the KOSPI level at 9:15 a.m., up 65.98 points or 0.93%.
  • The Philadelphia Semiconductor Index gained 1.3% while U.S. stocks ended lower overnight.

Seoul shares opened higher Wednesday as gains in major chipmakers outweighed concerns about escalating tensions in the Middle East and rising oil prices. The benchmark Korea Composite Stock Price Index, or KOSPI, opened 0.26% higher and was up 65.98 points, or 0.93%, at 7,019.5 as of 9:15 a.m. U.S. stocks closed lower overnight amid the geopolitical concerns and oil-price increases, while the Philadelphia Semiconductor Index advanced 1.3%.

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