Kospi briefly tops 7,000 in early trading on U.S. gains, eased inflation woes

Shares opened sharply higher on Friday — led by gains in major chipmakers — tracking an overnight rally in U.S. shares as the latest U.S. data eased woes over accelerating inflation.

The benchmark Kospi opened 182.33 points, or 2.7 percent, higher at 6,995.67.

The index briefly reached 7.010.86 points, up 2.9 percent, at around 9:02 a.m. The Kospi had last traded above 7,000 points on July 24.

However, it then slipped back below the 7,000-point mark, trading at 6,960.84 points, up 2.16 percent, as of 9:15 a.m.

Overnight, the U.S. stock market rose to an all-time high due to easing oil prices.

The S&P 500 climbed 0.7 percent. The Dow Jones Industrial Average added 0.1 percent, and the tech-heavy Nasdaq composite gained 0.8 percent.

U.S. wholesale inflation cooled in July as energy and food costs declined, which, along with last week’s weaker-than-expected job data, will lessen pressure on the U.S. Federal Reserve to tighten policy.

In Seoul, most large-cap shares traded higher.

Samsung Electronics increased 0.93 percent, and SK hynix jumped 5.34 percent.

SK Square, the parent of SK hynix, added 1.61 percent, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, gained 2.16 percent.

The local currency fell 0.2 won from the previous session to trade at 1,418.8 won against the greenback as of 9:15 a.m.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]