Seoul stocks open sharply higher on continued chip rebound

Korean stocks opened sharply higher Wednesday on semiconductors as investors closely wait for the upcoming earnings release from big tech companies.

The benchmark Korea Composite Stock Price Index (KOSPI) was up 402.31 points, or 5.96 percent, at 7,150.26 as of 9:15 a.m.

Overnight major stock indexes on Wall Street closed higher, as U.S. chipmakers followed the movements of Korean peers, such as Samsung Electronics and SK hynix.

Micron and Sandisk both rose over 10 percent, along with other major memory chip companies.

"We would have to check big tech earnings results and their artificial intelligence (AI) investment plans to see whether this upward momentum will lead to sustained buying," said Seo Sang-yong, an analyst from Mirae Asset Securities.

Alphabet Inc., the parent company of Google, is set to announce it second-quarter earnings on Wednesday (U.S. time).

In Seoul, most market heavyweights were trading higher.

Chip giant Samsung Electronics rose 5.79 percent, while its industry rival SK hynix spiked 9.15 percent.

Top carmaker Hyundai Motor advanced 8.27 percent, bio firm Celltrion ro ...