Seoul shares turn higher late Wednesday morning on tech gains

Late Wednesday morning, Seoul stocks began to climb, propelled by a surge in technology shares, as investors held off on making moves until the U.S. Federal Reserve announced their interest rate decision later in the week. The Korea Composite Stock Price Index (KOSPI), which serves as the benchmark, started the day 0.24 percent lower but managed to turn around, rising 13.21 points, or 0.2 percent, to sit at 6,640.47 by 11:20 a.m.

Institutions were among the biggest buyers, taking a net 388.99 billion won ($284 million) worth of shares. Meanwhile, foreign investors and retail investors offloaded shares, with net sales totaling a combined 1.049 billion won ($722,000).

The previous evening, U.S. stock markets had taken a hit, with the Dow Jones Industrial Average sinking 0.63 percent and the tech-driven Nasdaq Composite dropping 0.78 percent. On top of that, a crucial Saudi oil pipeline experienced a cyberattack, causing it to cease operations. Additionally, the militant group Houthi rebels in Yemen seized more islands in the Red Sea, disrupting vital shipping routes.

These Middle Eastern tensions spurred Brent crude futures, the global oil benchmark, to climb more than 2 percent, bringing them above $108 a barrel by Wednesday. Furthermore, the yield on the 10-year U.S. Treasury note also crossed the 5 percent mark.