Seoul stocks end higher ahead of Nvidia earnings

Seoul shares ended higher Tuesday, recouping earlier losses, as investors awaited major corporate earnings results this week, including those from US chip giant Nvidia. The Korean won fell against the US dollar.

After opening 2.4 percent lower, the benchmark Korea Composite Stock Price Index pared its losses to close 45.78 points, or 0.68 percent, higher at 6,742.74.

The index fell more than 3 percent in the previous session as chipmakers tumbled amid renewed concerns over the profitability of artificial intelligence-related investments.

Individuals and institutions bought a net 1 trillion won ($723 million) and 1.17 trillion won, respectively, while foreign investors sold a net 3.82 trillion won.

Overnight, US stocks closed mixed, with the Dow Jones Industrial Average rising 0.26 percent, while the tech-heavy Nasdaq Composite fell 0.76 percent.

Investors are weighing concerns over mounting geopolitical tensions in the Middle East against expectations for US economic data and corporate earnings due this week, analysts said.

Federal Reserve Gov. Kevin Warsh is expected to speak at the annual Jackson Hole gathering in Wyoming on Friday, which could offer clues to the Fed’s monetary policy outlook amid persistent inflation.

In Seoul, tech and auto stocks led the gains.

Market bellwether Samsung Electronics remained unchanged at 257,000 won, while its chipmaking rival SK hynix rose 0.42 percent to 1.68 million won.

Top carmaker Hyundai Motor climbed 1.69 percent to 421,000 won, and leading shipbuilder HD Hyundai Heavy Industries gained 1.98 percent to 464,500 won.

Among decliners, leading battery maker LG Energy Solution fell 3.45 percent to 349,500 won, and leading refiner SK Innovation shed 3.92 percent to 125,000 won.

The Korean won was quoted at 1,386.1 won against the US dollar as of 3:30 p.m., down 3.7 won from the close of the previous stock trading session. (Yonhap)