Key facts
- Seoul shares closed higher Tuesday, recovering from an earlier sharp decline.
- The benchmark Korea Composite Stock Price Index (KOSPI) ended up 0.68% at 6,742.74.
- The index opened 2.4% lower, influenced by tech sector losses and caution before Nvidia's earnings.
- Retail and institutional investors bought a net 1 trillion won and 1.17 trillion won, respectively.
- Foreign investors sold a net 3.82 trillion won.
- The KOSPI had fallen more than 3% in the previous session due to concerns over AI-related investments.
Seoul shares closed higher Tuesday, recovering from an earlier sharp decline, as investors awaited key corporate earnings reports, including those from U.S. chipmaker Nvidia. The benchmark Korea Composite Stock Price Index (KOSPI) finished up 0.68% at 6,742.74.
The index had opened 2.4% lower, influenced by tech sector losses and caution ahead of Nvidia's earnings. It later trimmed losses to trade 1.76% lower before ultimately closing higher.
Retail and institutional investors bought a net 1 trillion won and 1.17 trillion won, respectively, while foreign investors sold a net 3.82 trillion won. The KOSPI had fallen more than 3% in the previous session due to renewed concerns over the profitability of artificial intelligence (AI)-related investments.
Investors are weighing concerns over mounting geopolitical tensions in the Middle East against expectations for U.S. economic data and corporate earnings due this week, analysts said. Federal Reserve Gov. Kevin Warsh is expected to speak at the annual Jackson Hole gathering in Wyoming on Friday (U.S. time), which could offer clues to the Fed's monetary policy outlook amid persistent inflation.