Seoul stocks trim early gains late Wednesday morning on profit-taking
Summary
South Korean stocks trimmed early gains late Wednesday morning as investors took profits after a strong start. The benchmark KOSPI rose 5.96 points, or 0.08 percent, to 7,023.87 at 11:20 a.m. The index had opened 1.94 percent higher, led by tech heavyweights after the Nasdaq Composite set back-to-back record closes. The won was trading at 1,352.6 against the U.S. dollar, up 3.9 won from the previous session.
Key Facts
- The KOSPI was up 5.96 points, or 0.08 percent, at 7,023.87 as of 11:20 a.m.
- The index opened 1.94 percent higher before giving up most of its gains.
- Samsung Electronics rose 1.9 percent, while SK hynix gained 0.11 percent.
- SK Square advanced 2.84 percent, but Samsung Electro-Mechanics fell 0.74 percent.
- The Korean won traded at 1,352.6 per U.S. dollar, up 3.9 won from the previous session's close.
Officials work at a dealing room in Hana Bank headquarters, Seoul, Wednesday. Yonhap
South Korean stocks trimmed their earlier gains late Wednesday morning after a strong start, as investors attempted to cash out recent gains.
After opening 1.94 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 5.96 points, or 0.08 percent, to 7,023.87 as of 11:20 a.m.
The KOSPI opened sharply higher, led by gains in tech heavyweights, following the tech-heavy Nasdaq Composite's back-to-back record closes. The index has risen for the past three consecutive sessions.
Market heavyweights were trading mixed.
Top market cap Samsung Electronics rose 1.9 percent, and chip giant SK hynix gained 0.11 percent.
SK Square, the parent company of SK hynix, advanced 2.84 percent, while Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, lost 0.74 percent.
The Korean won was trading at 1,352.6 won against the U.S. dollar as of 11:20 a.m., up 3.9 won from the previous session's close.
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