South Korean stocks trim losses as tech shares rise
L'essentiel
- South Korean stocks pared earlier losses late Wednesday morning, with major tech shares like Samsung Electronics and SK hynix turning higher, despite a broader overnight slump on Wall Street driven by rising U.S.
- Treasury yields and inflation concerns.
Résumé généré par IA
Pourquoi c'est important
South Korean stocks experienced choppy trading, with the benchmark KOSPI showing a slight decline. This occurred despite a recovery in heavyweight technology shares, which had initially opened lower. The broader market sentiment was influenced by an overnight slump in U.S. stocks.
SEOUL, May 20 (Yonhap) -- South Korean stocks trimmed earlier losses late Wednesday morning as heavyweight technology shares turned higher despite an overnight slump on Wall Street.
In choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) shed 7.37 points, or 0.1 percent, to 7,264.29 as of 11:20 a.m.
Overnight, U.S. stocks extended their decline from recent record highs as rising U.S. Treasury yields and persistent inflation concerns continued to weigh on investor sentiment.
In Seoul, large-cap shares were trading mixed.
Semiconductor heavyweights Samsung Electronics and SK hynix gained 1.63 and 0.86 percent, respectively, after opening lower.
Artificial intelligence investment firm SK Square edged up 0.69 percent, while leading battery maker LG Energy Solution lost 2.88 percent.
Major shipbuilder HD Hyundai Heavy went up 5.69 percent.
The Korean won was trading at 1,506.15 won against the U.S. dollar at 11:20 a.m., up 1.65 won from the previous session.
Questions ouvertes
- What specific factors caused the overnight slump in U.S. stocks?
- What is the outlook for U.S. Treasury yields and inflation concerns?
- Will the recovery in South Korean tech stocks continue?
- What is the expected impact of the Korean won's strengthening on the economy?
