Seoul shares opened higher on Tuesday, propelled by Samsung Electronics' record first-quarter earnings. The benchmark KOSPI rose 2.47 percent to 5,584.76 in the first 15 minutes of trading. Strong demand for AI-related chips drove the profit surge.
Samsung Electronics estimated its first-quarter operating profit surged nearly ninefold to a record 57.2 trillion won ($38 billion) from 6.61 trillion won a year earlier. The gain was driven by robust demand for artificial intelligence-related chips. According to Yonhap News Agency and The Korea Times, investor sentiment was buoyed by overnight Wall Street gains, with the Dow Jones Industrial Average up 0.36 percent and the Nasdaq composite adding 0.54 percent.
Samsung Electronics jumped 3.7 percent, while chip rival SK hynix gained 3.56 percent. Top carmaker Hyundai Motor rose 2.56 percent and affiliate Kia climbed 1.12 percent. LG Energy Solution advanced 2.4 percent, and SK Innovation surged 3.08 percent.
Decliners included KT&G, down 0.45 percent, and Samyang Foods, off 0.66 percent. The local currency traded at 1,505.50 won against the U.S. dollar at 9:15 a.m., up 0.8 won from the prior session.
The index was largely supported by strong corporate earnings expectations. An electronic board at Hana Bank in Seoul showed KOSPI rising 1.71 percent to 5,543.52 shortly after the market opened.
