Seoul:South Korean stocks experienced a modest increase by late Wednesday morning as decreasing oil prices offered some support to the market. However, the impact of high U.S. Treasury yields continued to affect investor sentiment.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) opened 1.06 percent higher but later reduced its gains, trading up 17.62 points, or 0.26 percent, at 6,888.43 by 11:20 a.m.
In the U.S., stocks ended slightly lower overnight despite the dip in oil prices, due to persistent concerns over elevated Treasury yields. The S&P 500 slipped 0.17 percent, the Dow Jones Industrial Average fell 0.26 percent, and the Nasdaq composite decreased by 0.09 percent.
In the semiconductor sector, shares defied this broader trend. The Philadelphia Semiconductor Index climbed 1.32 percent, which positively influenced South Korean chipmakers Samsung Electronics and SK hynix. While Samsung Electronics saw a decline of 0.83 percent, SK hynix gained 1.42 percent. Additionally, SK Square, the parent company of SK hynix, increased by 1.43 percent, while Samsung Electro-Mechanics fell by 0.46 percent.
The Korean won was trading at 1,358.2 won against the U.S. dollar by 11:20 a.m., marking a decrease of 4.2 won from the previous session's close.