-- South Korean shares opened higher on Thursday, starting the trading at a new high after market mover Samsung Electronics (KRX:005930) reported strong first-quarter sales and operating income.
In addition, strong Q1 earnings by top US firms such as Alphabet, Amazon.com, Meta Platforms, and Microsoft also boosted sentiment. The strong results also restored investor confidence in the AI sector boom.
The benchmark Korea Composite Stock Price Index, or Kospi, rose by 48.49 points, to open at 6,739.39. The Kosdaq marginally gained to open at 1,224.75.
Samsung Electronics posted first-quarter operating income of 57.2 trillion won, up 756% from 6.69 trillion won a year earlier. The South Korean chipmaker's sales jumped 69% year over year to 133.9 trillion won from 79.1 trillion won.
The company said that its highest-ever quarterly revenue and operating profit were achieved via AI technology innovation and proactive market response. Favorable currency movements, particularly a stronger greenback, raised operating profit by about 1.8 trillion won on-quarter in Q1, primarily driven by the company's parts business.