SEOUL — Seoul's stock market experienced a significant rebound for the second consecutive day on Wednesday, driven by substantial gains in technology stocks as investor confidence in risky assets improved after a global market downturn. The Korean won, however, depreciated against the U.S. dollar amidst these market movements.
According to Yonhap News Agency, The Korea Composite Stock Price Index (KOSPI) closed up 46.26 points, or 1.8 percent, at 2,568.41, following a moderate trade volume of 469.69 million shares valued at approximately 12.9 trillion won (US$9.4 billion). This uptick aligns with the recovery seen in U.S. markets, where the Dow Jones Industrial Average and the tech-heavy Nasdaq Composite rose by 0.76 percent and 1.03 percent, respectively.
According to market data, individual investors were net buyers, purchasing 296.03 billion won worth of stocks, which helped offset selling by institutions and foreign investors totaling 326.68 billion won. Leading gains in the market were tech giants like Samsung Electronics, which surged 3 percent, and SK hynix, which climbed 3.4 percent. Conversely, notable declines were seen in LG Energy Solution and Amorepacific, the latter plummeting 25 percent following a disappointing earnings report attributed to weak sales in China.
The local currency weakened to 1,376.8 won against the dollar by the late afternoon trading session. Meanwhile, bond prices rose slightly, indicating a drop in yields, with the three-year Treasury yield decreasing by 0.6 basis points to 2.929 percent, reflecting a cautious optimism among investors.