Seoul shares up nearly 2% late Tue. morning on tech rally
Seoul shares extended their gains late Tuesday morning, led by semiconductor stocks, amid escalating tensions in the Middle East that pushed up oil prices. After opening 0.72 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) was trading up 127.54 points, or 1.82 percent, to 7,122.93 as of 11:20 a.m. Institutions and foreigners bought a net 483.31 billion won ($361 million)…
Seoul share prices surged nearly 2% late Tuesday morning, propelled by a tech rally and rising Middle Eastern tensions that boosted oil prices, according to wire reports.
The Korea Composite Stock Price Index (KOSPI), which opened 0.72% higher, reached 7,122.93, marking a 1.82% increase by 11:20 a.m. local time. Institutional and foreign investors collectively purchased stocks worth 483.31 billion won ($361 million) and 128.11 billion won, respectively.
Conversely, individual investors sold stocks in a net amount of 1.25 trillion won. The previous day witnessed a 4% rally in the index following a tech-driven surge fueled by renewed optimism for AI-related earnings.
The U.S. stock market remained closed on September 7 (U.S. time) for the Labor Day federal holiday. The recent spike in energy prices is amplifying inflation concerns as investors speculate on potential interest rate hikes by the U.S. Federal Reserve. The upcoming Friday's inflation report will provide insights into the central bank's future rate trajectory.
In the latest Middle Eastern developments, Iran announced an imminent deal with Oman to regulate shipping through the Strait of Hormuz, a crucial global trade route.
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.
This story
This is one outlet's version. Read the fullest account.
- Seoul shares up nearly 2% late Tue. morning on tech rally koreatimes.co.kr
