SEOUL - Seoul stock market saw an early rise wiped out late Wednesday morning, largely due to losses in the technology sector. This shift in the market came as investors are closely watching potential moves by the U.S. Federal Reserve regarding interest rate cuts this year.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) was up slightly by 2.68 points, or 0.1 percent, to 2,737.04 as of 11:20 a.m. However, significant declines in major tech companies such as Samsung Electronics, which fell by 0.4 percent, and SK hynix, which dropped by 1.3 percent, dampened the overall gains. Other sectors saw varied performance; Kia Corp rose by 0.6 percent, while Korean Air and LG Energy Solution saw increases of 0.7 percent and 0.8 percent, respectively. Foreign and institutional investors bought a combined total of 59.5 billion won (US$44 million) in stocks, offsetting the 46.2 billion won worth of stocks sold by individual investors. The local currency, the won, also fell against the U.S. dollar, trading at 1,364.25, down by 4.15 won from the previous session’s close.