KOSPI edges higher despite US tech headwinds
Seoul shares ended higher Tuesday, recouping sharp early losses as leading chip stocks recovered from a sell-off, triggered by overnight weakness in U.S. technology shares. The benchmark KOSPI opened 2.4 percent lower at 6,535.93 and fell more than 4 percent at one point in morning trading before recovering in the afternoon. It closed at 6,742.74, up 45.78 points, or 0.68 percent, from the…
The Korea Times reports that Seoul shares, represented by the KOSPI index, edged higher on Tuesday despite US tech headwinds. The benchmark index opened 2.4 percent lower at 6,535.93 but recovered to close at 6,742.74, marking a 0.68 percent increase from the previous session. Foreign investors were net sellers, offloading a total of 3.82 trillion won ($2.75 billion) worth of shares, while institutional and retail investors were net buyers, purchasing 1.17 trillion won and 1.05 trillion won, respectively.
The mixed performance of US stocks, with the Dow Jones Industrial Average up 0.26 percent and the tech-heavy Nasdaq down 0.76 percent, contributed to the volatility in the Korean market. Samsung Electronics faced selling pressure early in the day, but plans for shareholder returns of up to 110 trillion won seemed to stabilize its performance. SK hynix also experienced fluctuations throughout the trading session.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- KOSPI edges higher despite US tech headwinds koreatimes.co.kr
