Seoul Shares Rebound as Energy Stocks Advance, Korea Zinc Surges After Counteroffer

Seoul: Seoul shares showed signs of recovery late Thursday morning, buoyed by gains in energy stocks, even as investors scaled back expectations for rate cuts from the Federal Reserve. The Korea Composite Stock Price Index (KOSPI) fell by 4.95 points, or 0.19 percent, reaching 2,594.67 as of 11:20 a.m. According to Yonhap News Agency, the Dow Jones Industrial Average and the Nasdaq Composite both experienced declines overnight, with losses of 0.96 percent and 1.6 percent, respectively. This global trend was echoed in Seoul, where institutional and foreign investors sold a combined 306.8 billion won (US$222 million) in stocks, surpassing individual sales of 298 billion won. In the mixed large-cap sector, Samsung Electronics Co. saw a decrease of 2.2 percent, Hyundai Motor Co. dropped 2.9 percent, Jeju Air Co. fell 0.3 percent, and Hanwha Ocean declined by 2 percent. Conversely, LG Energy Solution Ltd. increased by 2.2 percent, SK Innovation Co. rose by 0.3 percent, and Korean Air Co. saw a gain of 0.4 percen t. Korea Zinc experienced a significant surge, climbing by the daily limit of 30 percent to 1.14 million won. This rise followed the conclusion of a tender offer for its shares, amid an ongoing management dispute involving private equity firm MBK Partners and Young Poong Corp., the largest shareholder of the smelter. The local currency showed a slight improvement, trading at 1,381.05 won against the U.S. dollar, marking an increase of 1.15 won from the previous session.