Seoul stocks opened higher on Wednesday, July 1, boosted by a continued chip rally. The benchmark KOSPI rose 45.89 points, or 0.54 percent, to 8,522.37 as of 9:15 a.m.
The index tracked overnight gains on Wall Street, as chip stocks continued their rally and prospects for peace talks between the United States and Iran remained valid. The two sides are poised to hold fresh talks in Qatar this week.
Investors are also keeping an eye on the rebalancing of the National Pension Service stock portfolio, which is scheduled to start on Wednesday. June export results are likely to provide momentum for chip-related sectors.
“Though risks related to the Middle East war and inflation has yet to disappear, the market has already digested some of the concerns through multiple corrections,” said Han Ji-young, an analyst from Kiwoom Securities. Chip giant Samsung Electronics fell 0.45 percent, while SK hynix added 0.26 percent.
