Seoul shares turn lower late Monday morning on tech slide
A screen at the dealing room of Hana Bank’s headquarters in central Seoul shows the benchmark KOSPI and Kosdaq, Monday. Yonhap
Korean stocks turned lower late Monday morning as big chip shares lost ground despite eased Middle East tensions.
After opening 1.73 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) shed 55.63 points, or 0.83 percent, to 6,634.99 as of 11:20 a.m.
Foreign investors sold nearly 1.7 trillion won, offsetting a combined 1.6 trillion won worth of buying by retail and institutional investors.
The United States has suspended its attacks on Iran since Friday, easing military tensions in the region that had heightened over the past two weeks.
Iran also stopped conducting counterattacks, while holding talks with Oman over the Strait of Hormuz.
In San Francisco, meanwhile, Korean and U.S. tech companies agreed to pursue a series of cooperation projects worth a combined $950 billion during an artificial intelligence (AI) summit hosted by the Korean government over the weekend.
In Seoul, however, tech shares traded lower.
Top-cap Samsung Electronics fell 0.6 percent, and SK hynix declined 0.8 percent.
Samsung Electro-Mechanics, an electronic component affiliate of Samsung Electronics, decreased 1.06 percent, and SK Square, the parent of SK hynix, slumped 5.59 percent.
Leading oil refinery SK innovation plunged 9.15 percent, and defense giant Hanwha Aerospace tumbled 8.17 percent.
The Korean won was trading at 1,468.1 won against the U.S. dollar as of 11:20 a.m., down 9.6 won from the previous session.