Seoul shares rebound late Wed. morning on tech gains

South Korean stocks rebounded from the previous session's low on Wednesday morning, climbing over 1 percent as tech shares gained ground amid easing worries over interest rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 68.86 points, or 1.14 percent, reaching 6,104.21 by 11:20 a.m., following a 5.46 percent drop the day before.

The previous day's decline was fueled by losses in technology shares as concerns mounted about heavy spending by major artificial intelligence (AI) firms. However, the market's mood shifted as New York Federal Reserve President John Williams stated in a Bloomberg interview that he saw no need for additional monetary tightening next year. Investors are also eagerly anticipating U.S. consumer price index data later in the day, which could provide insights into the Federal Reserve's interest-rate outlook.

During the morning session, major Korean companies showed positive movement. Samsung Electronics experienced a 2.16 percent rise, while SK hynix increased by 1.52 percent. Top automaker Hyundai Motor advanced 1.03 percent, and its affiliated Kia climbed 1.02 percent. Battery maker LG Energy Solution rose 2.32 percent, and pharmaceutical company Celltrion saw a 1.56 percent increase. Financial shares, however, suffered losses, with KB Financial Group dropping 1.48 percent and Samsung Life Insurance falling 1.17 percent.

At 11:20 a.m., the Korean won was trading at 1,337.45 won per U.S. dollar, up 4.25 won from the previous trading session's close.