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 Korean stock market, measured by the KOSPI index, opened more than 2 percent higher on Tuesday due to a robust overnight rally in U.S. artificial intelligence stocks. However, gains were quickly eroded throughout the day, and the index ultimately closed 0.15 percent higher at 7,017.91, compared to the previous close of 7,161.61.
Despite opening more than 3 percent higher, the two semiconductor heavyweights, Samsung Electronics and SK hynix, both closed down, with Samsung losing 0.91 percent and SK hynix falling 1.5 percent. Institutions and retail investors collectively sold stocks worth 119.1 billion won and 1.61 trillion won, respectively, while foreign investors bought a net 85.1 billion won worth of stocks.
Analyst Kim Dae-jun of Korea Investment & Securities noted that domestic risks to the Korean stock market do not appear significant, with the VKOSPI, a measure of expected volatility in the KOSPI 200, falling sharply from its 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.
This story
This is one outlet's version. Read the fullest account.
- KOSPI loses early gains as US tech rally fails to lift market koreatimes.co.kr
