Seoul stocks rise nearly 2% to end 3-day losing streak on chip gains
Summary
Seoul shares narrowed losses late Thursday morning as investors weighed persistent pressure from elevated U.S. Treasury yields and rising oil prices. The KOSPI was up 2.88 points, or 0.04 percent, at 6,804.92 as of 11:20 a.m. The Korean won was trading at 1,360.1 won against the U.S. dollar, down 4.4 won from the previous session’s close. Samsung Electronics and SK hynix traded higher, while SK Square and Samsung Electro-Mechanics fell.
Key Facts
- The KOSPI had opened 0.34 percent lower before recovering to 6,804.92 at 11:20 a.m.
- Overnight, the Dow Jones Industrial Average fell 0.86 percent and the S&P 500 lost 0.25 percent, while the Nasdaq Composite rose 0.24 percent.
- Samsung Electronics rose 0.09 percent and SK hynix gained 0.34 percent after opening lower.
- SK Square declined 2.02 percent and Samsung Electro-Mechanics edged down 0.07 percent.
- The Korean won stood at 1,360.1 won per U.S. dollar, down 4.4 won from the previous session’s close.
Financial data is displayed on a screen at Hana Bank's dealing room, central Seoul, Thursday. Yonhap
South Korean shares rose nearly 2 percent on Thursday, snapping a three-session losing streak, as institutional investors scooped up major chip shares. The Korean won strengthened against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 133.31 points, or 1.95 percent, to close at 6,917.35.
The index opened lower as investors digested a series of negative factors, including persistent pressure from elevated U.S. Treasury yields, but pared its losses as chip stocks gained.
Overnight, Wall Street ended mixed as cooler-than-expected inflation data was offset by persistent pressure from elevated U.S. Treasury yields and rising oil prices.
The Dow Jones Industrial Average fell 0.86 percent, while the benchmark S&P 500 dipped 0.25 percent. The tech-heavy Nasdaq composite gained 0.24 percent.
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