Seoul stocks open higher after 7-day losing streak

Seoul stocks opened higher Friday after the previous session's over 7 percent dip amid woes over artificial intelligence trade and US inflation.

The benchmark Korea Composite Stock Price Index was up 85.62 points, or 1.54 percent, to 5,639.84 at 9:15 a.m.

Overnight, major stocks indexes on Wall Street closed higher, but major AI and semiconductor shares ended in negative territory.

The S&P 500 added 0.33 percent, while the tech-heavy Nasdaq inched up 0.08 percent.

US producer price data posted the largest gain in over four years in September, further solidifying speculation that the Federal Reserve will raise key rates to rein in inflation.

In Seoul, most market heavyweights strengthened.

Chip giant Samsung Electronics and SK hynix added 1.55 percent and 0.48 percent, respectively.

Industry leaders Hyundai Motor advanced 2.54 percent, financial firm KB Financial jumped 4.72 percent, and defense giant Hanwha Aerospace moved up 4.37 percent.

The Korean won was trading at 1,340.6 won against the US dollar at 9:15 a.m., up 1.4 won from the close of the previous stock trading session. (Yonhap)