Seoul:Late Wednesday morning, Seoul shares continued to fall, driven by declines in technology stocks, even as concerns over high bond yields eased with the retreat of oil prices.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) opened 1.11 percent lower and had dropped by 80.66 points, or 1.16 percent, to 6,860.73 by 11:20 a.m. This decline occurred despite gains on Wall Street, where the Dow Jones Industrial Average rose by 0.49 percent and the Nasdaq composite gained 0.45 percent, reaching a record high.
The market saw institutions and foreigners selling a net 313.14 billion won (US$233 million) and 1.16 trillion won worth of stocks, respectively, while individual investors bought a net 1.19 trillion won. Technology stocks were at the forefront of the decline in Seoul, with Samsung Electronics falling 0.28 percent and SK hynix dropping 2.09 percent. LG Electronics experienced a sharp decline of 7.74 percent, and Hyundai Motor decreased by 2.73 percent.
In contrast, some stocks saw gains, with Amorepacific rising 4.73 percent and LG Energy Solution climbing 0.38 percent. The Korean won traded at 1,341.35 won against the U.S. dollar by 11:20 a.m., marking a decrease of 3.25 won from the previous session's close.