Lead

Seoul shares extended gains late Wednesday morning, led by semiconductor and other market heavyweights, despite continued uncertainty in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) rose 470.13 points, or 6.86 percent, to 7,326.96 as of 11:20 a.m., according to Yonhap News Agency.

Earlier in the session, the index had opened 3.3 percent higher and rose 415.65 points, or 6.06 percent, to 7,272.48 as of 9:15 a.m., Yonhap reported in a separate dispatch.

Coverage comparison

Two separate Yonhap dispatches from the same morning provided updates on the market's performance at different times. The earlier report, published around 9:15 a.m., noted the KOSPI was up 415.65 points. A later report, around 11:20 a.m., showed the index had extended its gains to 470.13 points. Both reports attributed the rally to overnight gains on Wall Street and to U.S. President Donald Trump's decision to withdraw a proposed fee on cargo shipments through the Strait of Hormuz.

The later dispatch added that an unexpectedly sharp slowdown in U.S. inflation had boosted Wall Street and eased expectations of imminent interest-rate hikes by the Federal Reserve. The earlier report did not include that detail.

Key claims

  • The KOSPI rose 470.13 points, or 6.86 percent, to 7,326.96 as of 11:20 a.m., according to Yonhap.
  • At 9:15 a.m., the index was up 415.65 points, or 6.06 percent, at 7,272.48, as reported by Yonhap.
  • The index closed 0.73 percent higher on Tuesday after rebounding from an 8.95 percent plunge the previous session, triggered by a massive sell-off in technology stocks, Yonhap reported.
  • Overnight, the Dow Jones Industrial Average rose 0.02 percent to 52,508.27, and the Nasdaq Composite climbed 0.9 percent to 26,107.01, according to Yonhap.
  • U.S. President Donald Trump withdrew his proposal to impose a 20 percent "reimbursement" fee on cargo shipped through the Strait of Hormuz, saying he would instead pursue trade and investment agreements with Middle Eastern countries. A day earlier, he had said the U.S. would serve as the "guardian" of the strait and be reimbursed at 20 percent on all cargo, Yonhap reported.
  • Institutional and foreign investors purchased a net 216.2 billion won ($145 million) and 1.4 trillion won worth of shares, respectively, while retail investors sold a net 1.6 trillion won, according to Yonhap.
  • In Seoul, tech stocks led gains. Samsung Electronics jumped 6.18 percent, SK hynix surged 11.34 percent, Hyundai Motor rose 2.83 percent, Hanwha Aerospace climbed 6.31 percent, and POSCO Holdings gained 3.95 percent, Yonhap reported.
  • The Korean won was trading at 1,489.35 won against the U.S. dollar, up 1.15 won from the previous session, as of 9:15 a.m., according to Yonhap.