Seoul Stocks Rebound on Tech Bargain Hunting Amid Geopolitical Concerns
En resumen
Seoul stocks reversed earlier losses to trade higher late Tuesday morning, with the KOSPI index rising 2.29% as foreign and institutional investors engaged in bargain hunting for technology heavyweights like Samsung Electronics and SK hynix, despite ongoing Middle East hostilities.
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Por qué importa
Seoul stocks initially traded lower but reversed course late Tuesday morning due to bargain hunting for technology stocks by foreign and institutional investors.
SEOUL July 21 (Yonhap) -- Seoul stocks erased earlier losses and were trading higher late Tuesday morning as investors went bargain hunting for technology stocks.
The benchmark Korea Composite Stock Price Index (KOSPI) changed its trajectory, going up 149.39 points, or 2.29 percent, to 6,665.66, as of 11:25 a.m.
Foreign and institutional investors lifted the index as they snatched up tech heavyweights.
Overnight U.S. stocks closed lower as investors weighed the risk of renewed hostilities in the Middle East, with upcoming earnings reports from major tech companies later this week.
The United States has completed more strikes against Iran, the U.S. Central Command said later Monday (local time), hours after President Donald Trump said Iran would pay for the deaths of three service members.
Most market heavyweights were trading higher.
Chip giant Samsung Electronics added 4.82 percent, while its industry rival SK hynix advanced 2.72 percent.
Major financial firm KB Financial inched up 0.3 percent, defense giant Hanwha Aerospace moved up 2.63 percent, and portal operator Naver rose 3.17 percent.
The Korean won was trading at 1,479.2 won against the U.S. dollar, as of 11:25 a.m., down 1.3 won from the previous session.
Preguntas abiertas
- How will upcoming major tech company earnings reports affect the market?
- Will Middle East tensions escalate further and impact global markets?
