JAKARTA – The South Korean stock exchange opened sharply higher on Friday. The boost came from Wall Street, after US technology stocks rose thanks to Microsoft’s strong earnings report.<\/p>\n
Yonhap quoted Friday, July 31, reported that Seoul’s stock strengthening was mainly supported by semiconductor stocks. The sentiment came after the US technology giant strengthened in overnight trading.<\/p>\n
The Korea Composite Stock Price Index or KOSPI benchmark index rose 64.23 points at the opening of trading. The increase was equivalent to 1.15 percent to the level of 5,657.79.<\/p>\n
KOSPI is the main index on the South Korean Stock Exchange. This index is commonly used to read the general direction of large stocks in Seoul.<\/p>\n
In the United States, Wall Street closed higher. Microsoft jumped 15 percent and recorded a record gain after its second-quarter report beat expectations.<\/p>\n
Microsoft’s performance was supported by its ongoing quarter sales and better-than-expected cloud business growth.<\/p>\n
Cloud is an internet-based computing service. This service is widely used by companies to store data, run applications, and support artificial intelligence or AI needs.<\/p>\n
Microsoft’s report also allayed concerns about the size of AI infrastructure spending. This issue has recently become a concern for the market as technology companies are pouring in large funds to build data centers and AI services.<\/p>\n
The S&P 500 rose 1.66 percent. The Nasdaq, which contains many technology stocks, gained 2.78 percent. The Dow Jones Industrial Average also rose 1.19 percent.<\/p>\n
Yonhap noted that the PHLX chip index, which measures large semiconductor stocks in the US, jumped 8.2 percent.<\/p>\n
The rise in US technology stocks also provided a boost to Seoul, especially in semiconductor stocks.<\/p>\n
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