Seoul Stocks Rise on Chip Rally Ahead of U.S. Tech Earnings
Quick Look
Seoul stocks closed higher for a second day, driven by an extended chip rally, but pared some gains as investors awaited upcoming second-quarter earnings releases from major U.S. tech companies like Alphabet, which is expected to report Wednesday.
AI-generated summary
Why It Matters
Seoul stocks extended gains for a second day, driven by an extended chip rally, but investors took a cautious stance.
SEOUL, July 22 (Yonhap) -- Seoul stocks ended higher for the second consecutive session Wednesday on an extended chip rally ahead of upcoming earnings releases from U.S. big tech companies.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 49.75 points, or 0.74 percent, to 6,797.7 after rising as high as 7,166.00.
After opening sharply higher, the index shed some of the early gains as retail and institutional investors sold off tech heavyweights to lock in profits.
"The KOSPI returned some of its earlier advance in the face of rising global oil prices, and as investors took a cautious stance ahead of the earnings release from Alphabet," said Lee Kyoung-min, an analyst from Daishin Securities.
The parent company of Google is expected to release its second-quarter earnings results Wednesday (U.S. time).
What to Watch
AI outlook — possibilities, not facts
Alphabet will release its second-quarter earnings results.
Very likely · Within hours
Open Questions
- How will Alphabet's earnings impact global tech stocks?
- What will be the specific impact on KOSPI?
