Seoul shares end higher amid lingering woes over AI, Iran crisis

Seoul shares ended higher Tuesday, with the benchmark Korea Composite Stock Price Index closing at 6,358.95, up 101.50 points, or 1.62 percent, as retail investors bought stocks after the previous session's 5.12 percent plunge, while lingering uncertainty over artificial intelligence and the Middle East crisis capped gains. The Korean won fell 2.9 won to 1,432.5 won against the US dollar. Tech stocks led the advance, with Samsung Electronics rising 0.21 percent and SK hynix climbing 0.64 percent, while defense stocks surged, with Hanwha Aerospace up 9.25 percent and Korea Aerospace Industries up 11.16 percent.

Seoul shares ended higher Tuesday as retail investors snapped up stocks following the previous session's over 5 percent plunge, while lingering uncertainty over artificial intelligence and the Middle East crisis capped gains despite overnight gains on Wall Street. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index pared earlier gains to close at 6,358.95, up 101.50 points, or 1.62 percent, after falling as low as 6,080.25. The index tumbled 5.12 percent Monday after surging a record 18 percent on Friday. Trade volume was moderate at 310.58 million shares worth 27.87 trillion won $19.4 billion , with winners far outnumbering losers 786 to 95. Overnight, US stocks advanced as Amazon gained 4.5 percent after reporting strong earnings, helping lift shares of companies benefiting from demand for AI. The Dow Jones Industrial Average rose 1.32 percent to 53,178.41, while the tech-heavy Nasdaq composite climbed 2.13 percent to 25,913.90. Retail investors bought a net 818.4 billion won worth of stocks, while institutional and foreign investors sold a net 539.2 billion won and 370.56 billion won, respectively. Investors remain concerned about whether massive investment in AI will lead to stronger growth and profits. This week, market participants are closely watching geopolitical developments and upcoming US jobs data for fresh clues on the Federal Reserve's rate policy, analysts said. In Seoul, tech stocks led the market advance. Market bellwether Samsung Electronics rose 0.21 percent to 240,000 won, and its industry rival SK hynix climbed 0.64 percent to 1,577,000 won. Defense giant Hanwha Aerospace jumped 9.25 percent to 1,004,000 won and Korea Aerospace Industries jumped 11.16 percent to 137,500 won. Among decliners, top carmaker Hyundai Motor fell 0.13 percent to 392,500 won and national flag carrier Korean Air declined 0.38 percent to 26,100 won. The Korean won was quoted at 1,432.5 won against the US dollar, as of 3:30 p.m., down 2.9 won from the close of stock trading the day before. Yonhap