Seoul: South Korean stocks opened higher Monday despite losses on Wall Street amid worsening military conflicts between Israel and Iran. The benchmark Korea Composite Stock Price Index (KOSPI) added 6.96 points, or 0.24 percent, to 2,901.58 in the first 15 minutes of trading.
According to Yonhap News Agency, major U.S. indexes lost ground on Friday due to escalating tensions in the Middle East, sparked by Israel's airstrikes on Iranian military and nuclear facilities. The Dow Jones Industrial Average fell 1.79 percent, the tech-heavy Nasdaq composite decreased 1.3 percent, and the S and P 500 dropped 1.13 percent.
In Seoul, retail investors and institutions purchased approximately 87 billion won (US$63.7 million) worth of local shares as of 9:15 a.m., contributing to the rise in KOSPI. Tech giant Samsung Electronics saw a decrease of 1.2 percent, while its competitor SK hynix advanced 2.55 percent.
Defense company Hanwha Aerospace climbed 1.9 percent, and nuclear power plant manufacturer Doosan Enerbility surged 4.76 percent. Leading shipbuilders HD Hyundai Heavy and HD Korea Shipbuilding experienced gains of 2.34 percent and 1.71 percent, respectively. Internet portal operator Naver increased 2.24 percent, and Kakao, the operator of the country's top mobile messenger, rose 2.33 percent.
Conversely, leading battery maker LG Energy Solution declined 1.86 percent, and major automaker Hyundai Motor fell 1.06 percent. The local currency was trading at 1,367 won against the greenback at 9:15 a.m., appreciating by 2.6 won from the previous session.