KOSPI loses early gains as US tech rally fails to lift market
After opening more than 2 percent higher on a strong overnight rally in U.S. artificial intelligence stocks, Korean stocks gave up most of its early gains on Tuesday. The benchmark KOSPI opened at 7,161.61, up 2.2 percent from the previous close, according to the Korea Exchange. But gains steadily faded through the afternoon, with the index ultimately closing at 7,017.91, up just 0.15 percent.…
The KOSPI, South Korea's benchmark stock index, experienced a swift decline on Tuesday as early momentum from a strong opening in U.S. artificial intelligence stocks failed to translate into broader market gains. Opening more than 2 percent higher, the KOSPI initially climbed 2.2 percent to 7,161.61 points, according to the Korea Exchange.
However, gains gradually dissipated throughout the day, culminating in a modest 0.15 percent increase by the market close. Investors were evenly split, with institutions and retail buyers each selling 119.1 billion won and 1.61 trillion won, respectively, while foreign investors made a net purchase of 85.1 billion won. Semiconductor companies Samsung Electronics and SK hynix, both of which opened more than 3 percent higher, ultimately saw their momentum wane.
Samsung Electronics closed at 276,500 won, marking a 0.91 percent gain, while SK hynix declined 1.5 percent to 1.84 million won. Analyst Kim Dae-jun of Korea Investment & Securities noted that domestic risks facing the Korean stock market do not appear particularly significant, citing a sharp drop in the VKOSPI, which measures expected volatility in the KOSPI 200, from a peak of 95 percent to 44 percent this year.
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 loses early gains as US tech rally fails to lift market koreatimes.co.kr
