Seoul shares extend losses late Wed. morning as tech stocks fall
Seoul shares extended losses late Wednesday morning, weighed down by declines in technology stocks despite easing concerns over high bond yields as oil prices retreated. After opening 1.11 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) fell 80.66 points, or 1.16 percent, to 6,860.73 as of 11:20 a.m. Local shares bucked gains on Wall Street despite easing pressure from bond…
Seoul shares continued to slip late Wednesday morning, dragged down by a slump in technology stocks, despite a reduction in concerns surrounding high bond yields as oil prices declined. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 80.66 points, or 1.16 percent, to 6,860.73 by 11:20 a.m. local time, after opening 1.11 percent lower.
Despite the KOSPI's decline, local shares outperformed Wall Street gains. Despite easing pressure from bond yields, global oil prices dropped due to reduced supply concerns, while bond yields fell from multi-decade highs.
Institutions and foreign investors sold a combined net of 313.14 billion won ($233 million) in stocks, while domestic investors bought 1.19 trillion won worth of shares. Tech stocks were the primary driver of the decline in Seoul. Samsung Electronics, a market bellwether, fell 0.28 percent, while its chipmaking rival SK hynix dropped 2.09 percent.
LG Electronics, a home appliance maker, plummeted 7.74 percent, and top car manufacturer Hyundai Motor experienced a 2.73 percent decline. Among the few gainers, cosmetic sector stocks saw some upward movement.
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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