Key facts
- The KOSPI rose 1.14 percent to 6,104.21 by late Wednesday morning.
- Tech shares led the rebound after previous day's losses.
- New York Fed President John Williams indicated no need for further rate hikes next year.
- Market participants await U.S. consumer price index data for clues on the Fed's rate outlook.
- Samsung Electronics and SK Hynix were among the top gainers.
- Financial shares like KB Financial Group and Samsung Life Insurance declined.
South Korean stocks rebounded late Wednesday morning, with the benchmark Korea Composite Stock Price Index (KOSPI) rising 1.14 percent to 6,104.21 as of 11:20 a.m. The gains were driven by technology shares, following eased concerns over further interest rate hikes by the U.S. Federal Reserve.
The KOSPI had tumbled 5.46 percent the previous day, impacted by renewed worries about heavy capital spending by major artificial intelligence firms.
Earlier in the session, New York Fed President John Williams stated in an interview that he saw no need for further monetary tightening next year. Investors are also awaiting U.S. consumer price index data later in the day for further indications on the Federal Reserve's interest-rate trajectory.
Market heavyweights traded in positive territory, with tech giant Samsung Electronics up 2.16 percent and SK hynix gaining 1.52 percent. Top carmaker Hyundai Motor advanced 1.03 percent, and its sister company Kia climbed 1.02 percent. Leading battery maker LG Energy Solution rose 2.32 percent, and major pharmaceutical firm Celltrion gained 1.56 percent.
However, financial shares lost ground, with KB Financial Group dropping 1.48 percent and Samsung Life Insurance falling 1.17 percent.
The Korean won was trading at 1,337.45 won against the U.S. dollar, up 4.25 won from the previous session's close.