SEOUL - The South Korean stock market exhibited minimal movement late Wednesday morning, following an optimistic start influenced by overnight gains on Wall Street.
According to Yonhap News Agency, As of 11:20 a.m., the benchmark Korea Composite Stock Price Index (KOSPI) had slightly decreased by 1.09 points, or 0.04 percent, settling at 2,442.87. This slight dip comes after a buoyant opening, which was inspired by the previous night's gains in the U.S. stock market. The Dow Jones Industrial Average had risen by 0.2 percent, while the Nasdaq Composite saw a 0.9 percent increase, buoyed by a decline in Treasury yields in the United States.
Earlier in the day, the KOSPI had surged to nearly 1 percent but subsequently lost momentum due to selling pressure from foreign and retail investors. The technology and chemical sectors were particularly affected, with leading companies like Samsung Electronics and LG Chem experiencing declines of 0.71 percent and 1.42 percent, respectively.
Conversely, the bio-related sector showed more resilience, with SK bioscience and Celltrion recording increases of 2.97 percent and 1.35 percent. The local currency, the Korean won, was trading at 1,266.60 against the U.S. dollar, marking an increase of 8.30 won from the previous session's close.