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…
Korea's key stock index, the KOSPI, managed to climb higher on Tuesday, bouncing back from significant losses early in the day. The benchmark index opened 2.4% lower at 6,535.93 won, experiencing a drop of more than 4% at one point in the morning before recovering in the afternoon. By the end of trading, the KOSPI closed at 6,742.74 won, marking a gain of 45.78 points, or 0.68%, compared to the previous session.
Foreign investors were net sellers, offloading a total of 3.82 trillion won worth of shares, while domestic institutional and retail investors emerged as net buyers, purchasing 1.17 trillion won and 1.05 trillion won, respectively. Overnight, U.S. markets closed mixed, with concerns over the profitability of artificial intelligence-related investments impacting technology stocks.
The Dow Jones Industrial Average saw a 0.26% increase, while the tech-heavy Nasdaq experienced a 0.76% decline. Samsung Electronics faced selling pressure in early trading despite a plan for up to 110 trillion won in shareholder returns, as the company's decision on share cancellations remained unresolved. SK hynix also faced similar challenges.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- KOSPI edges higher despite US tech headwinds koreatimes.co.kr
