Published on •Updated
Trading was temporarily halted as the Kospi dropped to its lowest level since April after shares in chipmakers Samsung Electronics and SK Hynix fell sharply.
The Kospi was down 10.5% at 6,051.19 in overnight trading. Samsung’s shares tumbled 12%, while SK Hynix’s shares were down 12.7%.
A big factor driving the selling of AI-related shares, analysts said, is the expectation that competition from Chinese AI start-ups and chipmakers might undermine gains for global companies whose shares have skyrocketed due to the AI frenzy.
A 466% jump in the price of Chinese chipmaker CXMT on its trading debut Monday has underscored such concerns. CXMT raised at least $8.6 billion (around €7.6bn) in its initial public offering on Shanghai’s tech-oriented STAR exchange.
Most other Asian markets also fell, with Tokyo’s Nikkei 225 down 4% at 62,350.18. The Taiex in Taiwan skidded 3.9%. Hong Kong’s Hang Seng edged 0.1% lower, to 25,178.21, while the Shanghai Composite index lost 1% to 3,820.52.
In Australia, the S&P/ASX 200 bucked the regional trend, gaining 0.6% to 8,944.40.
Elsewhere, oil prices extended their declines as US and Iran refrained from attacks for a third straight day.
Officials in the Middle East said mediators had made progress in getting the two sides back to negotiations.
Brent crude, the international standard, fell 0.8% to $85.16 a barrel. US benchmark crude oil lost 0.9% to $81.86 a barrel.
Stocks on Wall Street drifted to a mixed close Monday. The S&P 500 gained less than 0.1% and the Dow Jones Industrial Average rose 0.5%. The Nasdaq composite fell 0.2% for its fourth straight loss.
Additional sources • AP
These large-cap stocks combine A-rated profitability with low forward P/E ratios
Source link
BofA sees August setting up as tough for stocks; dollar, gold favored
Source link
PM Images/DigitalVision via Getty Images
As the Q2 earnings season gets underway, investors are closely watching consumer staples companies for insights into consumer spending, pricing power and demand for everyday essentials.
Businesses with consistently strong profitability are expected to remain in focus as earnings reports
cinquefx/iStock via Getty Images
The benchmark S&P 500 (SP500) has posted a respectable 10.1% gain year-to-date, yet a select cohort of 15 stocks within the index has delivered triple-digit returns of 100% or more, significantly influencing the benchmark’s performance.
These standout performers are concentrated
Fed hike risk could test stocks despite strong earnings outlook, Goldman Sachs says
Source link
European shares were little changed on Friday but remained on track for their first weekly decline in five weeks as weakness in technology stocks and renewed tensions between the United States and Iran dampened investor sentiment.
The pan-European STOXX 600 index edged 0.1% lower to 640.28 points by 0849 GMT, with losses in technology companies offsetting gains in most other sectors.
The benchmark index is poised to end a four-week winning streak after investors reassessed lofty valuations in artificial intelligence-related stocks while monitoring escalating geopolitical risks in the Middle East.
The technology sector fell 1.3% on Friday as investors continued taking profits following months of strong gains driven by enthusiasm for artificial intelligence.
Stay ahead of the geopolitical week.
MD Briefing delivers expert analysis across five global fronts — the Indo-Pacific, energy, geoeconomics, European security, and the Middle East — every Monday morning. Free.
The sector also remained focused on the closely watched U.S. stock market debut of South Korean memory chip maker SK Hynix after its $26.5 billion share sale.
Among European chip-related stocks:
“The large swings we’re seeing in technology stocks suggest investors remain under stress amid elevated valuations,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.
“Attention is now turning to SK Hynix’s U.S. debut, which could help gauge broader appetite for AI-related stocks and influence sentiment across the sector.”
Investor caution also reflected renewed uncertainty in the Middle East after Iranian forces targeted U.S. military infrastructure in Gulf states following fresh U.S. strikes on Iran.
The latest escalation further weakened the fragile three-week-old ceasefire and renewed concerns over potential disruptions to shipping through the Strait of Hormuz, one of the world’s most important energy trade routes.
Higher oil prices and possible supply disruptions have raised concerns about inflation, particularly in energy-importing Europe, where markets are closely watching the implications for economic growth and European Central Bank policy.
Despite weakness in technology, most sectors in the STOXX 600 traded higher.
Telecommunications stocks led gains, rising 1.4%, after Vodafone surged nearly 11%.
The rally followed an announcement by UAE telecoms group e& that it would sell its stake in Vodafone to the family investment group of French billionaire Xavier Niel.
Travel and leisure stocks gained 0.8%, supported by strength in airline shares.
British budget carrier EasyJet jumped 14% after agreeing in principle to a £5.7 billion ($7.65 billion) takeover approach from Apollo Global.
European steelmakers outperformed after J.P. Morgan adopted a more positive view of the sector.
The investment bank upgraded ArcelorMittal to “neutral” from “underweight,” lifting its shares 5%.
Austria’s Voestalpine climbed 6%, while Germany’s Salzgitter surged 10.3% after both companies received double upgrades to “overweight.”
Wealth manager St. James’s Place was among the session’s biggest losers, falling 8.5% after reports that Sovereign Wealth, one of its largest partner firms, was in talks to join a Swedish wealth management group.
Markets are expected to remain focused on two key drivers in the coming days: whether the renewed U.S.-Iran hostilities escalate further and whether SK Hynix’s U.S. debut reinforces or weakens investor confidence in the AI-driven technology rally.
With geopolitical risks pushing oil prices higher and technology valuations facing increased scrutiny, analysts expect volatility across European equities to remain elevated in the near term.
With information from Reuters.
alexsl
Wall Street ended the holiday-shortened week higher as investors looked past softer-than-expected labor market data and increased bets that the Federal Reserve could cut interest rates before year-end.
The June jobs report showed the U.S. added just 57,000 jobs, missing expectations, while the
Top dividend growth stocks under $10 include Alvopetro Energy, Vox Royalty
Source link
Published on •Updated
Stock markets across Asia mostly advanced on Friday, taking their cue from a fresh record close for the Dow on Wall Street, as some of the AI-linked shares battered in this week’s sell-off found their feet again while others kept falling.
The volatility was calmer than the heavy selling seen a day earlier, when worries about stretched technology valuations sent semiconductor shares tumbling across the region.
At the time of writing, South Korea’s Kospi led the bounce, climbing over 4% to recoup part of the nearly 8% plunge it suffered on Thursday. Samsung Electronics, the country’s largest company and a major chipmaker, jumped 7%, while smaller memory rival SK Hynix rose 4.9%.
In Tokyo, the Nikkei 225 added 1%, helped by a 6.6% leap in memory maker Kioxia, although chip-equipment supplier Tokyo Electron slipped 2.5%.
Elsewhere, Hong Kong’s Hang Seng gained 1.7% and the Shanghai Composite rose 0.7%, while Australia’s S&P/ASX 200 advanced 1.3% and Taiwan’s Taiex bucked the trend, easing 0.6%.
As for European markets, both the Euro Stoxx 50 and the broader pan-European Stoxx 600 opened within a 0.3% range.
The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MI, all traded between 0.1% and 0.3% higher.
Spain’s IBEX 35taly’s FTSE MIB led the pack and rose about 0.4%.
US stocks were mixed on Thursday, but the Dow still managed a fresh peak, rising 1.1% to 52,900.
The broader S&P 500 ended virtually flat despite seven in ten of its members gaining, held back by another retreat in chip stocks, while the technology-heavy Nasdaq fell 0.8%.
Sentiment drew support from data showing US employers added 57,000 jobs last month, well below the 100,000 forecast and a slowdown on May.
A softer labour market could ease inflation pressure and, with oil back below its pre-war levels, may lessen the case for the Federal Reserve to raise interest rates repeatedly this year, an outcome investors would welcome.
Crypto-linked shares also firmed as Bitcoin rose about 2%, lifting Robinhood and Coinbase alongside it.
Still, the AI trade remained under strain.
Micron gave up an early gain to fall 5.5%, a day after a 10.6% slump, while Lam Research sank more than 10% and Nvidia, now worth close to $4.7 trillion, edged 1.4% lower.
On oil, Brent crude, the international benchmark, rose 1% to around $73 a barrel early Friday, while US crude added 0.5% to about $69, with prices still sitting below where they were before the Iran war began in late February.
Additional sources • AP
Published on
Most Asian stock markets dropped on Thursday, dragged down by a wave of selling in semiconductor shares, as European bourses made a subdued start and Wall Street looked set to open in the red before the release of key US employment figures.
The pullback centred on the technology sector, where investors retreated from the chip stocks that have powered much of this year’s rally, amid growing unease that the vast sums Big Tech is spending on AI could leave the market awash with supply.
South Korea’s Kospi bore the worst of it, tumbling around 5% as its heavyweight chipmakers slid. Memory specialist SK Hynix lost close to 8% and Samsung Electronics fell more than 6%.
In Tokyo, the Nikkei 225 shed about 1.5%, with chip-equipment maker Tokyo Electron down around 5.6%, while Taiwan’s Taiex slipped 1.1% as TSMC, the world’s largest contract chipmaker, gave up 1.8%.
The falls followed a rough session for chip stocks on Wall Street this Wednesday, where Micron Technology dropped more than 10% and Intel sank around 9%.
The moves stand in sharp contrast to a stellar year for Asian tech, with the Kospi and the Nikkei still up roughly 85% and 34% respectively in 2026.
On the other hand, Hong Kong’s Hang Seng rose about 0.8%, lifted by an 8.7% jump in electric-vehicle maker BYD after it reported a second straight monthly rise in sales, while India’s Sensex added 0.5%.
In Europe, markets opened flat as both the Euro Stoxx 50 and the broader pan-European Stoxx 600 traded within a 1% range at the start of Thursday’s session.
The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Spain’s IBEX 35, all traded between 0.1% and 0.3% higher.
Italy’s FTSE MIB led the pack and rose about 0.4%.
Crude prices fell again, trading below where they sat before the Iran war began in late February, as hopes grew that supplies through the Strait of Hormuz will steadily recover.
Brent crude, the international standard, eased around 1% to about $70.89 a barrel while WTI, the US benchmark, dropped 3% to roughly $69.
Attention now turns to the US, where stock futures edged lower ahead of the June employment report, brought forward a day because of Friday’s Independence Day.
Economists polled by Dow Jones expect around 115,000 jobs were added last month.
The figure carries extra weight under the new Federal Reserve chair, Kevin Warsh, with investors wary that a strong reading could harden the case for keeping interest rates higher for longer.
According to economists at Capital Economics, demand for AI may keep growing but at a slower pace than many expect, a caution that helped sour sentiment towards the sector.
Additional sources • AP
Chinese stocks advanced after fresh manufacturing data pointed to sustained factory expansion and President Xi Jinping reaffirmed his commitment to promoting high-quality economic development. The upbeat market reaction reflected growing optimism over the resilience of China’s industrial sector and the continued strength of technology and innovation-driven industries.
However, investor sentiment remains tempered by concerns over uneven economic growth, with persistent weakness in consumer confidence, the labour market and the property sector continuing to weigh on the broader recovery.
China’s manufacturing sector expanded for a seventh consecutive month, marking its strongest quarterly performance since late 2020. The data reinforced expectations that industrial production remains a key pillar of economic growth despite ongoing challenges in other parts of the economy.
Stay ahead of the geopolitical week.
MD Briefing delivers expert analysis across five global fronts — the Indo-Pacific, energy, geoeconomics, European security, and the Middle East — every Monday morning. Free.
The stronger-than-expected factory activity provided investors with reassurance that export-oriented manufacturing and industrial output continue to support China’s recovery.
President Xi Jinping renewed his pledge to pursue high-quality development, signalling that Beijing remains committed to an economic strategy centred on technological innovation, industrial upgrading and sustainable long-term growth.
The remarks reinforced expectations that policymakers will continue prioritising advanced manufacturing, strategic industries and innovation rather than relying solely on traditional stimulus measures to support the economy.
Technology-related stocks led gains as investors increased exposure to sectors expected to benefit from China’s industrial and technological ambitions. Chipmaking equipment, biotechnology and software companies posted strong advances, reflecting continued confidence in industries viewed as central to China’s long-term economic transformation.
The rally highlights investors’ preference for sectors with stronger earnings potential and policy support.
Alongside technology stocks, gains also spread to agriculture and property-related shares, suggesting investor optimism is gradually broadening beyond high-growth industries.
Although these sectors continue to face structural challenges, their recovery indicates improving market sentiment and expectations that policy support could help stabilise weaker areas of the economy.
Despite encouraging manufacturing data, investors remain cautious about China’s broader economic outlook. Consumer spending continues to be constrained by weak confidence, labour market pressures and the prolonged downturn in the property sector, creating an uneven recovery across different parts of the economy.
The divergence between strong industrial performance and softer domestic demand continues to shape investment strategies and policy expectations.
Chinese markets are likely to remain supported by resilient manufacturing activity, continued policy backing for innovation and expectations of further measures to sustain economic growth. However, the durability of the rally will depend on whether improvements in industrial production translate into stronger domestic consumption and broader economic recovery.
Investors will closely monitor upcoming economic data and government policy announcements for signs that Beijing can address persistent weaknesses in the property market, employment and consumer confidence while maintaining momentum in high-value manufacturing and technology sectors.
With information from Reuters.
Stocks eye fresh highs as U.S.-Iran talks resume, oil rises on Hormuz tensions
Source link
P_Wei/E+ via Getty Images
Here’s a quick look at the stocks that are seeing gap-up moves before the bell Friday.
Stock index futures (SPX) were mixed before the bell as a renewed sell-off in technology stocks and mounting concerns over elevated AI-related valuations
Large- and mega-cap U.S. REIT stocks with market capitalizations from $10B to more than $200B, have generally held up better than their smaller peers, but several major names still carry weak Momentum Grades between D and C-.
Telecom tower REITs
The value of Iran’s currency has risen by more than 15 percent against the US dollar, and its stock market has shattered records in the wake of the memorandum of understanding agreed between the United States and Iran on Sunday.
However, Iranians suffering for years from extremely high inflation and a plunging rial have found little economic relief as the prices of basic goods, such as food, remain high despite the diplomatic breakthrough.
list of 4 itemsend of list
The Iranian economy has suffered due to decades of US sanctions. The economic crisis was exacerbated after the US and Israel launched a war against Iran on February 28. As subsequent US naval blockade on Iranian ports further added to the misery of Iranians.
In Ferdowsi Street, the beating heart of Tehran’s foreign exchange market, the scene on Thursday was a stark departure from the panic of recent months. Exchange office boards flashed rapidly changing numbers as foreign currencies, led by the dollar, took a sharp dive.
“We closed our doors just hours before the official announcement of the US-Iran understanding at a rate of 1.8 million rials to the dollar,” Amir, a 35-year-old exchange office worker who asked to remain anonymous, told Al Jazeera. “Now it has fallen to 1.54 million rials, and we expect further declines.”
Amir noted a significant increase in sales volumes although buyers remained scarce as many anticipated the rial would strengthen further, potentially dropping to 1.4 million to the dollar or lower.
The recent gains mark a sharp turnaround. After the outbreak of the war, the exchange rate jumped to a historic peak of 1.9 million rials (190,000 tomans) to the dollar in March before settling at about 1.685 million just before recent attacks carried out despite a ceasefire.
Despite the rial’s recovery, a walk through Tehran’s grocery stores reveals a starkly different reality. For Iranians grappling with the economic fallout of crippling sanctions and the US naval blockade, the diplomatic thaw has yet to lower the cost of living.
Reza, a 42-year-old Tehran resident, told Al Jazeera that prices for daily staples like milk, cheese, cooking oil and flour remain unchanged. “They say the dollar dropped, but my shopping basket costs the same as last week,” he said. “This means the agreement hasn’t reached our pockets yet.”
From behind the cash register, 55-year-old shop owner Ramin echoed his customer’s frustration. He explained that while the government continues to distribute subsidised goods like bread, the fluctuations of the free-market dollar do not immediately impact basic food prices.
The value of the dollar on the free market varies from the official exchange rate.
Pointing to a shelf of imported goods, another shopkeeper named Karim noted that items like shampoo, toothpaste and laundry detergent are still locked at inflated prices.
“Distributors say they bought these goods two months ago at the old dollar rates,” Karim explained. “Prices will remain high until the old stock runs out and new goods enter at the lower exchange rates.” He estimated it would take at least two weeks for the market to adjust, meaning Iranians will continue to face compounding inflation in the interim.
While Main Street struggles, Tehran’s stock market is experiencing an unprecedented boom amid expectations of improved economic conditions. The trading floor has been awash in green since the initial leaks of the Washington-Tehran agreement emerged.
On Monday, the main index jumped by a record-breaking 161,000 points in a single session, marking the highest-ever influx of cash from individual investors.
By Tuesday, the market continued its staggering ascent, climbing another 112,000 points to cross the psychological barrier of 5 million, ultimately settling at a historic high of 5.1 million.
Saeed, a 40-year-old investor, called it a “historic day”. He noted that investors are rushing to buy shares in the energy and petrochemical sectors, betting heavily on the resumption of exports and the reopening of global markets.
However, Saeed remained cautiously optimistic. “The stock market is often driven by rumours,” he warned. “I don’t want to repeat the experience of the 2015 nuclear deal when the market soared and then collapsed after the US withdrawal.”
He was referring to US President Donald Trump’s 2018 withdrawal from the agreement, under which Iran agreed to restrictions on its nuclear programme in exchange for sanctions relief.
The wait-and-see approach in effect has paralysed other sectors of the economy. In central Tehran’s electronics hubs, 38-year-old shop owner Reza reported that while the prices of imported appliances have dropped in tandem with the dollar, sales have stalled because customers are holding out for steeper discounts.
A similar freeze has gripped the housing market. Nasrin, a 36-year-old real estate agent in northern Tehran, observed that a recent price surge that accompanied the initial truce has now given way to stagnation. Many property owners are clinging to inflated prices, seemingly unaware that the market dynamics have shifted, bringing property transactions to a virtual standstill.
For macroeconomic experts, the mixed market signals are entirely expected. Hossein Selahvarzi, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture, cautioned that the new agreement is “not a magic wand” capable of instantly fixing years of structural issues in the economy.
While the war severely damaged Iran’s infrastructure, Selahvarzi emphasised that the roots of the country’s economic malaise were firmly planted well before the bombing began.
“War is the enemy of investment, production, trade and public welfare,” Selahvarzi told Al Jazeera. He warned against the analytical mistake of believing that a peace memorandum alone would revive the economy.
“Ending the military confrontation does not necessarily mean the beginning of economic prosperity,” he said, stressing that restoring stability to the business environment remains the country’s most urgent priority.
“What we have before us is a limited and fragile opportunity to correct course and rebuild the economy, and this opportunity could be lost quickly if not managed correctly.”
Employees celebrate after the closing bell in a trading room of Woori Bank in Seoul on Thursday, as the benchmark Korea Composite Stock Price Index surpassed a historic landmark of 9,000 points. Photo by Yonhap
Seoul stocks surged by more than 2 percent past another historic landmark, surpassing the 9,000-point level for the first time in history, as investors bet on chipmakers in the face of a hawkish stance by the Federal Reserve and Iran uncertainty.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 199.6 points, or 2.25 percent, to 9,063.84, after rising as high as 9,106.07.
The KOSPI continued its winning streak for the sixth consecutive session on the back of optimism over artificial intelligence (AI) and related sectors.
Trade volume was heavy at 505.9 million shares worth 49.9 trillion won (US$32.7 billion). Foreigners were net buyers, snatching up 1.3 trillion won, while retail and institutional investors net sold a combined 1.2 trillion won.
Losers outnumbered gainers 109 to 788.
The index bucked overnight losses on Wall Street caused by Fed policymakers’ remarks that a rate hike would be inevitable to tame inflation.
The continued rally was led by the country’s two major chipmakers, Samsung Electronics and SK hynix, said analyst Kim Seok-hwan from Mirae Asset Securities.
“Investors are anticipating that semiconductor companies could gain better bargaining power due to a sustained supply bottleneck,” the analyst said.
A risk appetite was also revived on anticipation the U.S.-Iran war is nearing its end. The United States has said Iran has agreed to reopen the Strait of Hormuz, a key oil shipping route, and revealed a signed memorandum of understanding on ending the war.
The rate freeze from the Fed, the fourth consecutive on-hold decision, appeared to have a limited impact on investor sentiment.
Market top cap Samsung Electronics rose 4.62 percent to 362,500 won, while its rival SK hynix jumped 6.51 percent to 2,685,000 won.
Non-semiconductor sectors lost ground.
Defense giant Hanwha Aerospace fell 2.86 percent to 1,189,000 won, ship builder HD Hyundai Heavy Industries retreated 3.25 percent to 684,000 won, and major financial firm KB Financial inched down 0.55 percent to 163,100 won.
The Korean won was quoted at 1,527.1 won against the U.S. dollar, down 13.7 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 3.75 percent, and the return on the benchmark five-year government bonds added 5.2 basis points to 3.949 percent.
Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.
Brent crude drops as much as 1.6 percent, while key stock indices in Japan, South Korea and Taiwan climb.
Published On 18 Jun 202618 Jun 2026
Oil prices have dropped following the United States and Iran’s signing of an interim peace agreement, resuming a slide interrupted by US President Donald Trump’s warning that he could restart his military campaign.
Brent crude fell as much as 1.6 percent on Thursday morning in Asia, returning the international benchmark to almost exactly where it was 24 hours previously.
list of 4 itemsend of list
Brent futures for delivery in August stood at $78.23 as of 04:00 GMT, only about 7 percent higher than before the US and Israel launched their war on Iran on February 28.
After several days of declines, Brent briefly spiked above $81 a barrel on Wednesday after Trump warned that the US could “go right back to dropping bombs” on Iran if it doesn’t “behave”.
Asian stock markets rallied on Thursday on renewed optimism for an end to nearly four months of disruption to global energy supply chains.
Japan’s benchmark Nikkei 225 and South Korea’s Kospi both hit all-time highs, gaining 1.8 percent and 1.4 percent, respectively.
Taiwan’s Taiex rose as much as 1.3 percent.
Hong Kong’s Hang Seng Index bucked the trend, dropping 1.7 percent.
US stock futures, which are traded outside of regular market hours and often foreshadow the next day’s performance, climbed, with those tied to the benchmark S&P 500 and the tech-heavy Nasdaq Composite climbing about 0.8 percent and 1.3 percent, respectively.
Pakistani Prime Minister Shehbaz Sharif, who mediated the negotiations between Washington and Tehran, said on Wednesday that the US-Iran memorandum of understanding (MoU) had entered into force with “immediate effect”.
Sharif said Iran would “instantly reopen” the Strait of Hormuz and the US would “immediately” lift its naval blockade of Iranian ports, though it was not immediately clear if the announcement had any effect on boosting maritime traffic in the critical waterway.
Shipping in the strait has been reduced to a fraction of peacetime levels due to the threat of Iranian missiles, drones and mines, as well as the US blockade.
While more than 500 vessels are estimated to be waiting to exit the Gulf through the strait, shipping companies have expressed concern about the lack of clarity on how to ensure the safety of their vessels and crews in the channel.
In a statement earlier this week, the Baltic and International Maritime Council (BIMCO), one of the world’s largest associations for shipowners, said the US and Iran had yet to provide information about “key aspects such as timings and safe routes”.
“Due to lack of details and a history of overly optimistic reassurances, we believe the security situation for the shipping industry remains volatile, and we still consider it very risky for ships to commence transits at this point,” Jakob Larsen, chief safety and security officer at BIMCO, said in a statement on Monday, responding to the initial announcement of the MoU.
“We advise shipowners to continue doing thorough risk assessments and appeal to all parties to put the safety of seafarers first.”
This photo, taken Friday, shows the trading room of Hana Bank in Seoul as South Korean stocks spiked more than 4 percent amid hopes the war between the United States and Iran could end soon. Photo by Yonhap
Seoul stocks rose by more than 4 percent Friday, as investors snapped up tech heavyweights amid hopes the war between the United States and Iran could end soon.
The benchmark Korea Composite Stock Price Index (KOSPI) closed up 359.67 points, or 4.63 percent, at 8,123.62 after rising as high as 8,434.40.
After opening sharply higher on renewed hopes that the war between the U.S. and Iran is near its end, the index trimmed earlier gains on profit taking ahead of the closing bell.
Trade volume was heavy at 490.3 million shares worth 51.1 trillion won (US$33.6 billion). Winners outnumbered losers 753 to 144.
On Thursday (U.S. time), U.S. President Donald Trump said he has reached a “great settlement” that would resolve the monthslong conflict with Iran and the deal would be signed as early as over the weekend, possibly in Europe.
Media outlet Axios also reported that four U.S. Air Force C-17 planes departed for Europe on Thursday, moving equipment for possible travel by Vice President J.D. Vance, raising the possibility a signing ceremony could take place in Geneva, Switzerland.
“Market sentiment improved as foreign investors shifted to net buying after a 25-session selling streak, on anticipations for peace negotiations,” said Lee Kyoung-min, an analyst from Daishin Securities.
But the rise was limited, amid reports that global banks are curbing hedge funds’ leveraged bets on the country’s two semiconductor heavyweights: Samsung Electronics and SK hynix, Lee added.
Foreigners and institutional investors net purchased a combined 4.4 trillion won. Retail investors net sold 4.3 trillion won.
In Seoul, shares closed higher across the board.
Market top-cap Samsung Electronics rose 7.86 percent, to 322,500 won, while its chipmaking rival SK hynix moved up 2.33 percent to 2,150,000 won.
Semiconductor equipment maker Hanmi Semiconductor vaulted 24.05 percent to 361,000 won, after the company said in a regulatory filling it is seeking to invest in SpaceX, Elon Musk’s space company set to make its Nasdaq debut on Friday (local time).
Shipmakers also gathered ground as investors went bargain hunting. Hanwha Ocean added 7.85 percent to 112,700 won and HD Hyundai Heavy Industries increased 0.62 percent to 650,000 won.
Portal operator Naver jumped 10.27 percent, to 247,000 won, financial firm KB Financial climbed 6.4 percent to 161,200 won, and top car maker Hyundai Motor added 1.68 percent to 607,000 won.
The Korean won was quoted at 1,519.8 won against the U.S. dollar as of 3:30 p.m., up 9.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 9.6 basis points to 3.808 percent, and the return on the benchmark five-year government bonds declined 10.9 basis points to 3.971 percent.
Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.
Asian stocks slide on hot inflation prints; tech rally crumbles on geopolitical flare-up
Source link
Markets in South Korea and Japan slid after a rally in tech stocks in recent weeks.
Source link
Global stocks extend retreat as rate hike fears, Middle East tensions rattle markets
Source link