Seoul shares open higher on US gains, bargain hunting

Seoul shares opened higher Tuesday, tracking overnight gains on Wall Street as investors weighed an overnight rebound on Wall Street amid lingering uncertainty over the Middle East and the artificial intelligence (AI)-backed rally. The benchmark Korea Composite Stock Price Index (KOSPI) opened 93.93 points, or 1.5 percent, higher at 6,351.38. The index plunged by more than 5 percent on Monday after a record 18-percent surge on Friday. Overnight, U.S. stocks advanced as Amazon.com's 4.5 percent gain following strong earnings helped lift 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. Falling oil prices also contributed to the broadly positive market sentiment Monday.