South Korean Shares Snap 5-Day Decline
The benchmark KOSPI rose nearly 1% to around 6,080 on Wednesday, snapping a five-day slide near a two-month low, as investors bought semiconductor shares following a sharp selloff in the previous session. Samsung Electronics and SK hynix climbed nearly 2% and more than 1%, respectively, recovering part of Tuesday's plunge of 7.39% and 10.09%. Gains also extended to other heavyweight stocks, including SK Square (1.28%), LG Energy Solution (2.7%), Hyundai Motor (1.1%), Kia Corporation (1.4%), Hyundai Mobis (4.1%), and Samsung Electro-Mechanics (1.7%). Meanwhile, lingering concerns over Chinese chipmaker CXMT's technological advances and the sustainability of AI spending continued to weigh on the sector. Investors also remained cautious ahead of the US September inflation report, with an expected acceleration in consumer prices potentially complicating the Federal Reserve's interest rate outlook and adding to concerns over technology stock valuations.
The benchmark KOSPI rose nearly 1% to around 6,080 on Wednesday, snapping a five-day slide near a two-month low, as investors bought semiconductor shares following a sharp selloff in the previous session. 09%. 7%). Meanwhile, lingering concerns over Chinese chipmaker CXMT's technological advances and the sustainability of AI spending continued to weigh on the sector.
Investors also remained cautious ahead of the US September inflation report, with an expected acceleration in consumer prices potentially complicating the Federal Reserve's interest rate outlook and adding to concerns over technology stock valuations.