SEOUL: Seoul shares saw a turnaround late Wednesday morning, driven by gains in the technology sector, amid investor concerns over a potentially slower pace of rate cuts by the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) registered an increase, rising 16.3 points, or 0.6 percent, to reach 2,587 as of 11:20 a.m.
According to Yonhap News Agency, the mixed closing of U.S. stocks overnight contributed to the cautious sentiment among investors. The Dow Jones Industrial Average experienced a slight decrease of 0.02 percent, landing at 42,924.89, while the Nasdaq Composite, known for its technology focus, edged up 0.18 percent to 18,573.13.
Institutional and foreign investors played a significant role in the market dynamics, purchasing a combined 150 billion won (approximately US$108 million) in stocks. This buying activity helped counterbalance the selling by individual investors, which amounted to 144 billion won.
In Seoul, the performance of large-cap stocks was varied. Samsung Ele
ctronics Co., the market bellwether, saw a rise of 1.2 percent. SK hynix Inc., the second-largest chipmaker, gained 3.3 percent, while Hyundai Motor Co., the top carmaker, increased by 2.8 percent. LG Energy Solution Ltd., a leading battery manufacturer, climbed 1.6 percent.
Conversely, some sectors experienced declines. Korean Air Co., the national flag carrier, fell by 1.3 percent. KG Mobility, formerly known as SsangYong Motor Co., decreased 0.4 percent, and HMM, a major shipping firm, dropped 0.7 percent.
In the foreign exchange market, the local currency was trading at 1,382.50 won against the U.S. dollar, marking a decrease of 2.4 won from the previous session.