Investors turn cautious ahead of Chuseok, limiting KOSPI gains to 0.9%
KOSPI gave up most of its early gains Wednesday as investors adopted a wait-and-see stance on the final trading day before the Chuseok holiday. The benchmark index closed at 7,080.92, up 0.9 percent from the previous session. The index opened nearly 2 percent higher but gave up most of its gains, extending a recent pattern of strong openings followed by weaker trading later in the day. Foreign…
On Wednesday, the KOSPI index lost much of its early gains as investors approached the final trading day before the Chuseok holiday with caution. The benchmark index ended the day at 7,080.92, marking a 0.9 percent increase from the previous session. Despite opening nearly 2 percent higher, the index subsequently relinquished a significant portion of its early gains, showcasing a recurring trend of impressive openings followed by a decline during the day's latter stages.
Foreign and retail investors collectively sold a combined total of 534.4 billion won ($393.7 million) worth of shares. Conversely, institutional investors made a net purchase of 320.3 billion won. Among individual companies, SK hynix experienced a 1.2 percent increase, closing at 1,862,000 won. Meanwhile, Samsung Electronics managed a 3.25 percent rise, concluding the session at 285,500 won.
U.S. President Donald Trump disclosed during the U.N. General Assembly that his delegation engaged in discussions with Iranian officials for approximately three hours. Iran subsequently expressed the possibility of reopening the Strait of Hormuz if the U.S. naval blockade were lifted. This development potentially contributed to stabilizing international oil prices and fostering a more positive atmosphere for investors.
However, with the Korean stock market set to remain closed for the Chuseok holiday on Thursday, the immediate impact of these events remains to be seen.
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.
