Seoul stocks erase early losses late Tuesday morning on bargain hunting
The benchmark KOSPI is displayed at a dealing room in Hana Bank, in Seoul, Tuesday. Yonhap
Seoul stocks erased earlier losses and were trading higher late Tuesday morning as investors went bargain hunting for technology stocks.
The benchmark Korea Composite Stock Price Index (KOSPI) changed its trajectory, going up 149.39 points, or 2.29 percent, to 6,665.66, as of 11:25 a.m.
Foreign and institutional investors lifted the index as they snatched up tech heavyweights.
Overnight U.S. stocks closed lower as investors weighed the risk of renewed hostilities in the Middle East, with upcoming earnings reports from major tech companies later this week.
The United States has completed more strikes against Iran, the U.S. Central Command said later Monday (local time), hours after President Donald Trump said Iran would pay for the deaths of three service members.
Most market heavyweights were trading higher.
Chip giant Samsung Electronics added 4.82 percent, while its industry rival SK hynix advanced 2.72 percent.
Major financial firm KB Financial inched up 0.3 percent, defense giant Hanwha Aerospace moved up 2.63 percent, and portal operator Naver rose 3.17 percent.
The Korean won was trading at 1,479.2 won against the U.S. dollar, as of 11:25 a.m., down 1.3 won from the previous session.