Key facts
- The South Korean won weakened against the U.S. dollar.
- Foreign investors sold local stocks.
- The benchmark Korea Composite Stock Price Index (KOSPI) edged up slightly.
- Wall Street stocks rebounded overnight, boosting investor appetite.
- Easing Middle East tensions and anticipated U.S.-Iran talks improved sentiment.
The South Korean won weakened against the U.S. dollar on Tuesday, as foreign investors continued to sell local stocks. The benchmark Korea Composite Stock Price Index (KOSPI) traded slightly higher in late morning trading, mirroring overnight gains on Wall Street. The KOSPI rose 8.97 points, or 0.11 percent, to 8,403.62 as of 11:20 a.m. Investor sentiment was bolstered by reports of anticipated U.S.-Iran talks in Qatar aimed at easing tensions in the Strait of Hormuz, which alleviated concerns over potential disruptions to global oil supplies. Wall Street stocks rebounded sharply overnight, with the Dow Jones Industrial Average gaining 0.59 percent, the Nasdaq composite jumping 2.07 percent, and the S&P 500 advancing 1.18 percent. Among major tech shares, Samsung Electronics rose 1.86 percent, while SK hynix slipped 0.27 percent. Battery shares experienced profit-taking, with LG Energy Solution retreating 8.24 percent and Samsung SDI falling 3.12 percent. The Korean won was trading at 1,549.15 won against the U.S. dollar, down 3.95 won from the previous session.