Key facts
- Seoul stocks reversed earlier losses to trade higher late Tuesday morning.
- Investors engaged in bargain hunting for technology stocks.
- The KOSPI index rose 2.29% to 6,665.66.
- Foreign and institutional investors drove the index higher.
- U.S. stocks closed lower overnight due to Middle East tensions and upcoming tech earnings.
Seoul stocks erased earlier losses and traded higher late Tuesday morning as investors engaged in bargain hunting for technology stocks. The benchmark Korea Composite Stock Price Index (KOSPI) reversed its earlier trajectory, climbing 149.39 points, or 2.29 percent, to 6,665.66 as of 11:25 a.m. Foreign and institutional investors were key drivers, snapping up tech heavyweights.
This market shift occurred despite a lower close for U.S. stocks overnight. Investors on Wall Street were weighing the potential for renewed hostilities in the Middle East, alongside anticipation of upcoming earnings reports from major technology companies later in the week. The U.S. Central Command announced that the United States had completed additional strikes against Iran, following President Donald Trump's statement that Iran would be held accountable for the deaths of three service members.
Several major companies saw their stock prices increase. Chip giant Samsung Electronics added 4.82 percent, and its competitor SK hynix advanced 2.72 percent. Other notable gains included KB Financial, up 0.3 percent; defense firm Hanwha Aerospace, up 2.63 percent; and portal operator Naver, which rose 3.17 percent. The Korean won was trading at 1,479.2 won against the U.S. dollar, down 1.3 won from the previous session.