Seoul stocks turn lower after opening higher on profit-taking
Seoul shares turned lower on profit-taking after opening higher Tuesday, as concerns over rising bond yields at multidecade highs weighed on investor sentiment. After opening 0.58 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) fell 8.14 points, or 0.12 percent, to 6,995.60 as of 9:15 a.m. Investors are now turning their attention to upcoming corporate earnings, although…
Seoul stocks turned lower after opening higher on profit-taking on Tuesday, as concerns over rising bond yields at multidecade highs overshadowed investor sentiment, according to the latest wire report. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 8.14 points, or 0.12 percent, to 6,995.60 by 9:15 a.m. following its initial gain of 0.58 percent.
Investors are now focusing on upcoming corporate earnings, while higher interest rates, surging energy costs, and renewed inflation worries are driving up global bond yields.
Overnight, the Dow Jones Industrial Average managed a modest gain of 0.18 percent, while the tech-focused Nasdaq Composite surged 1.05 percent. In Seoul, large-cap stocks exhibited a mixed performance. Samsung Electronics, the market bellwether, rose by 0.36 percent, while Hyundai Motor, the top carmaker, climbed 0.87 percent. In contrast, LG Electronics surged 6.02 percent following the signing of a long-term agreement to supply chillers for artificial intelligence data centers to a North American company.
However, declines were also observed, with SK hynix, Samsung's chipmaking rival, falling 1.14 percent, and Korea Aerospace Industries dropping 2.1 percent.
The Korean won was trading at 1,343.20.
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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