An electronic display board shows the dollar-won exchange rate, Kospi and Kosdaq in Hana Bank's trading room in central Seoul on Aug. 25.YONHAP
Shares ended higher on Tuesday, recouping earlier losses, as investors awaited major corporate earnings results this week, including those from U.S. chip giant Nvidia. The won weakened against the dollar.
After opening 2.4 percent lower, the benchmark Kospi pared its losses to close 45.78 points, or 0.68 percent, higher at 6,742.74.
The index fell more than 3 percent in the previous session as chipmakers tumbled due to renewed concerns over the profitability of AI-related investments.
Individuals and institutions bought a net 1 trillion won ($722 million) and 1.17 trillion won, respectively, while foreign investors sold a net 3.82 trillion won.
Overnight, U.S. stocks closed mixed, with the Dow Jones Industrial Average rising 0.26 percent while the tech-heavy Nasdaq composite fell 0.76 percent.
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, which could offer clues to the Fed’s monetary policy outlook following persistent inflation.
U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee at the Federal Reserve in Washington on July 29.REUTERS/YONHAP
In Seoul, tech and auto stocks led the gains.
Market bellwether Samsung Electronics remained unchanged at 257,000 won, and its chipmaking rival SK hynix rose 0.42 percent to 1.68 million won.
Top carmaker Hyundai Motor climbed 1.69 percent to 421,000 won, and leading shipbuilder HD Hyundai Heavy Industries gained 1.98 percent to 464,500 won.
Among decliners, leading battery maker LG Energy Solution fell 3.45 percent to 349,500 won, and leading refiner SK Innovation shed 3.92 percent to 125,000 won.
The won weakened 3.7 won from the previous session’s close to trade at 1,386.1 won against the dollar as of 3:30 p.m.
