3 weeks ago
Seoul Shares Pare Gains as Foreigners Sell Tech Stocks
On Monday morning in Seoul, South Korea's main stock market opened higher but then lost some of those gains.
People from other countries were selling big technology company shares, even though local buyers were trying to snap up cheaper stocks.
The KOSPI, which is the name of Seoul's main stock index, was still up a little compared to Friday.
Big companies like Samsung Electronics and SK hynix, which make computer chips, were the main focus of trading.
The Korean won, which is South Korea's money, got slightly weaker against the U.S. dollar.
Over the weekend, American stock markets had gone up after good jobs reports were released.
Meanwhile, South Korea's president was planning a meeting to talk about big investments in chip factories and AI data centres.
The meeting would also discuss how to make sure there is enough electricity and water for the new factories.
This shows how important technology and computer chips are to South Korea's economy.
South Korea's KOSPI opened 0.76% higher but pared gains, adding 25.15 points (0.4%) to 6,283.92 by 11:20 a.m. Monday amid continued foreign selling.
Foreign investors sold nearly 619.7 billion won (US$437.8 million), offsetting combined buying of 598.2 billion won by retail and institutional investors.
Samsung Electronics inched down 0.11% while SK hynix climbed 0.84%, with technology stocks remaining the market's bulwark.
The Korean won traded at 1,414.8 won against the U.S. dollar at 11:20 a.m., down 5.3 won from the previous session's close.
President Lee Jae Myung was set to lead a Monday meeting on promptly implementing a large-scale investment initiative for semiconductor facilities and AI data centres, including electricity and water supply measures.
Wall Street advanced Friday after U.S. job reports, with the S&P 500 adding 0.62% to a fresh record and the Nasdaq Composite up 1.3%.
- Who
- President Lee Jae Myung, foreign, retail and institutional investors, and companies including Samsung Electronics and SK hynix.
- What
- South Korean shares pared earlier gains due to foreign selling of big-cap tech stocks, while the government planned a meeting on semiconductor and AI data centre investment.
- Where
- Seoul, South Korea.
- When
- Monday morning trading session, with the KOSPI measured at 11:20 a.m.; Wall Street had advanced the previous Friday after U.S. job reports.
- Why
- Foreign investors continued selling big-cap technology shares despite bargain hunting by retail and institutional investors.
Key facts
- KOSPI at 11:20 a.m.
- 6,283.92 (+25.15 points, +0.4%)
- Foreign net selling
- Nearly 619.7 billion won (US$437.8 million)
- Domestic net buying
- 598.2 billion won combined (retail and institutional)
- Samsung Electronics
- Down 0.11%
- SK hynix
- Up 0.84%
- USD/KRW exchange rate
- 1,414.8 won (down 5.3 won from previous close)
- Friday Wall Street performance
- Dow +0.28%, S&P 500 +0.62% (record), Nasdaq +1.3%
- Upcoming government action
- Meeting on semiconductor facilities and AI data centre investment, covering electricity and water supply
Sources
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