South Korean Stocks Open Higher Led by Tech Gains
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South Korean stocks opened higher on Wednesday, with the KOSPI rising 0.73% led by tech gains, despite overnight losses on Wall Street due to rising bond yields and inflation concerns.
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SEOUL, May 20 (Yonhap) -- South Korean stocks opened higher Wednesday led by tech gains, despite overnight losses on Wall Street caused by rising bond yields amid inflation woes.
The benchmark Korea Composite Stock Price Index (KOSPI) wen up 52.86 points, or 0.73 percent, to 7,324.52 at the opening bell.
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.
The S&P 500 fell 0.7 percent for its third consecutive loss, while the Dow Jones Industrial Average dropped 0.6 percent. The tech-heavy Nasdaq Composite declined 0.8 percent.
After briefly surpassing the 8,000-point mark Friday, the KOSPI has experienced heightened volatility amid extended foreign sell-offs of top-cap technology shares.
