Seoul Shares Rebound Tracking Wall Street Gains Amid Mideast Tensions

SEOUL, July 13 (Yonhap) -- Seoul shares rebounded Monday after opening lower, tracking gains on Wall Street, though investors remained cautious amid renewed tensions in the Middle East.

After opening 0.85 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) turned higher, trading 27.48 points, or 0.37 percent, higher at 7,503.42 as of 9:15 a.m.

The rebound followed gains in U.S. stocks on Friday, buoyed by South Korean chipmaker SK hynix's multibillion-dollar U.S. share offering.

SK hynix's American depositary receipts (ADRs) on the Nasdaq closed at US$168 each, well above the offering price of $149.

The Dow Jones Industrial Average gained 0.29 percent to 52,637.01 points, while the tech-heavy Nasdaq composite also climbed 0.29 percent to 26,281.61.

Renewed tensions in the Middle East, however, remained a key concern for investors.

On Sunday (U.S. time), the U.S. military launched strikes against Iran following Iran's drone attacks on U.S. allies in the Middle East.

In Seoul, large-cap stocks were mixed.

Market bellwether Samsung Electronics rose 0.7 percent, and top carmaker Hyundai Motor climbed 3.72 percent.

Leading refiner SK Innovation jumped 8.36 percent, and battery firm LG Energy Solution advanced 4.45 percent.

Among decliners, chip giant SK hynix fell 4.36 percent and leading wireless services provider SK Telecom declined 0.23 percent.

The Korean won was trading at 1,501.40 won against the U.S. dollar, down 2.9 won from the previous session, as of 9:15 a.m.