Key facts
- South Korean shares pared earlier gains late Friday morning.
- Retail and institutional investors sold large-cap technology stocks.
- Foreign investors bought nearly 1.01 trillion won ($714 million) in shares.
- The benchmark KOSPI rose 1.29% to 6,901.29 as of 11:20 a.m.
- Samsung Electronics gained 0.56% and SK hynix added 3.2%.
South Korean stocks saw their earlier gains diminish late Friday morning as domestic retail and institutional investors continued to offload large-cap technology shares. This selling pressure counteracted bargain hunting by foreign investors.
The benchmark Korea Composite Stock Price Index (KOSPI) had opened 2.7 percent higher and briefly surpassed the 7,000 mark in early trading, reaching a 2.9 percent increase. However, by 11:20 a.m., the index had risen 87.95 points, or 1.29 percent, to 6,901.29.
Foreign investors were significant net buyers, acquiring approximately 1.01 trillion won (US$714 million) in shares. This inflow offset the combined net selling of 978.9 billion won by retail and institutional investors.
Leading the advance in Seoul were blue-chip stocks. Market bellwether Samsung Electronics saw its share price increase by 0.56 percent, while rival chipmaker SK hynix added 3.2 percent.
In currency markets, the Korean won was trading at 1,414.1 won against the U.S. dollar, marking a gain of 4.5 won from the previous session's close.