Seoul shares return gains late Wed. morning on tech sell-off

Seoul Shares Erase Gains as Tech Sell-Off Weighs on Market

South Korean stocks reversed earlier gains late Wednesday morning, as investors offloaded semiconductors and large-cap tech shares, according to Yonhap News Agency.

After opening sharply higher, the benchmark Korea Composite Stock Price Index (KOSPI) changed its trajectory, falling 272.5 points, or 3.21 percent, to 8,203.98 as of 11:20 a.m., Yonhap reported.

The pullback came amid a broader risk-off sentiment driven by a downgrade of emerging-market equities by BlackRock Inc. The asset manager cited concentration risks in artificial intelligence (AI)-related companies, Yonhap said. The downgrade included South Korea, according to the report.

Overnight, U.S. stocks closed higher on a continued chip rally, Yonhap reported. Investors were also closely watching developments regarding peace talks between Washington and Tehran, with the two sides expected to meet in Qatar's capital this week for further negotiations.

In Seoul, most market heavyweights traded lower. Top-cap Samsung Electronics fell 5.39 percent, while its rival SK hynix dipped 4.53 percent, Yonhap said. Industry leader Hyundai Motor retreated 3.74 percent, battery maker LG Energy Solution slid 4.01 percent, and leading financial company KB Financial moved down 2.45 percent.

The Korean won was quoted at 1,558.3 won against the U.S. dollar as of 11:20 a.m., down 8.9 won from the previous session, according to Yonhap.

Coverage Comparison

A separate Yonhap report from a later date showed Seoul shares also trimmed earlier gains late Thursday morning, though the market still finished higher. That report described a different trading session and showed the index moving up 150.61 points, or 2.08 percent, to 7,397.40 as of 11:20 a.m., with institutions and foreigners buying bargain-priced chip stocks following a massive sell-off.

The two reports, while both from Yonhap, cover different trading days and highlight the volatile nature of the market amid geopolitical tensions and uncertainty over AI demand.

Key Claims

• KOSPI fell 272.5 points, or 3.21 percent, to 8,203.98 as of 11:20 a.m. Wednesday, according to Yonhap.
• BlackRock Inc. downgraded its view on emerging-market equities, including South Korea, citing concentration risks in AI-related companies, Yonhap reported.
• U.S. stocks closed higher overnight on a continued chip rally, and investors watched peace talks between Washington and Tehran, with a meeting expected in Qatar's capital this week, according to Yonhap.
• Samsung Electronics fell 5.39 percent and SK hynix dipped 4.53 percent, Yonhap reported.
• The Korean won weakened to 1,558.3 won per U.S. dollar, down 8.9 won from the previous session, Yonhap said.
• In the Thursday session, KOSPI moved up 150.61 points, or 2.08 percent, to 7,397.40, with tech stocks leading the gains, according to Yonhap.
• Samsung Electronics rose 1.8 percent and SK hynix jumped 6.65 percent after reports that its U.S. listing was more than seven times oversubscribed, Yonhap reported.
• Institutions and foreigners bought a net 985.8 billion won (US$655 million) and 144.9 billion won worth of stocks, respectively, while individuals sold a net 1.07 trillion won, according to Yonhap.