Seoul shares down late Tuesday morning on tech losses
Summary
The KOSPI fell 0.56 percent to 6,964.85 in Seoul by 11:20 a.m. Tuesday as technology stocks declined amid concerns over multidecade-high bond yields. Samsung Electronics and SK hynix led tech losses, while LG Electronics gained after securing a long-term agreement to supply chillers for North American artificial intelligence data centers. The Korean won weakened to 1,344.00 won per U.S. dollar.
Key Facts
- Foreigners sold a net 737.21 billion won worth of Korean stocks, while individuals sold 34 billion won and institutions bought 141.94 billion won.
- Samsung Electronics declined 0.72 percent, SK hynix fell 2.66 percent and Korea Aerospace Industries dropped 4.66 percent.
- LG Electronics jumped 7.18 percent following its long-term chiller supply agreement with a North American company for artificial intelligence data centers.
- The Dow Jones Industrial Average rose 0.18 percent overnight, while the Nasdaq Composite gained 1.05 percent.
- The Korean won weakened by 1.6 won from the previous session’s close.
A screen at the dealing room of Hana Bank’s headquarters in Seoul shows the KOSPI indices and exchange rate, Tuesday. Yonhap
Seoul shares extended their losses late Tuesday morning, led by declines in technology stocks, amid concerns over rising bond yields at multidecade highs.
After opening 0.58 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) turned lower, trading down 38.89 points, or 0.56 percent, to 6,964.85 as of 11:20 a.m.
Foreigners and individuals sold a net 737.21 billion won (US$549 million) and 34 billion won worth of stocks, respectively. Institutions bought a net 141.94 billion.
Investors are now turning their attention to upcoming corporate earnings, although higher interest rates, elevated energy costs and renewed inflation worries are pushing up global bond yields.
Overnight, the Dow Jones Industrial Average rose 0.18 percent, while the tech-heavy Nasdaq Composite gained 1.05 percent.
In Seoul, tech stocks were the lead decliners.
Market bellwether Samsung Electronics fell 0.72 percent, and its chipmaking rival SK hynix declined 2.66 percent.
Korea Aerospace Industries, the country's sole aircraft manufacturer, dropped 4.66 percent.
Among gainers, LG Electronics jumped 7.18 percent as it has secured a long-term agreement to supply chillers for artificial intelligence data centers with a North American company.
The Korean won was trading at 1,344.00 won against the U.S. dollar as of 11:20 a.m., down 1.6 won from the previous stock trading session's close.
Explore More
- Q.
- Q.
- Q.