Seoul stocks rebound late Wednesday morning despite tech slide
The benchmark Korea Composite Stock Price Index (KOSPI) is displayed on a screen at a dealing room of Hana Bank in Seoul, Tuesday. Yonhap
Korean stocks gained ground late Wednesday morning, but major tech companies continued to trade lower following a tech slide in the U.S. market overnight.
The benchmark Korea Composite Stock Price Index (KOSPI) inched up 11.31 points, or 0.13 percent, to 8,737.91, as of 11:20 a.m.
After opening over 1 percent lower, the index entered into positive territory as retail investors snatched up market heavyweights.
On Wall Street, major stock indexes closed lower as investors took a breather ahead of the U.S. Federal Reserve's rate setting meeting on Wednesday (local time).
Investors were also cautious over artificial intelligence (AI) chip giant Nvidia's first debt sale in five years of $25 billion.
In Seoul, market heavyweights were trading mixed.
Chip giant Samsung Electronics fell 1.82 percent, while industry rival SK hynix rose 1.34 percent.
Top carmaker Hyundai Motor fell 2.66 percent, major financial firm KB Financial declined 1.63 percent, and defense giant Hanwha Aerospace advanced 5.75 percent.
The Korean won was trading at 1,513.4 won against the U.S. dollar, down 1.8 won from the previous session.