KOSPI reverses early gains, falls 1.38% to 5,571.08

South Korea’s KOSPI reversed an early rise of more than 2% and fell 1.38% to 5,571.08 on Wednesday as investors sold shares ahead of the US midterm election results. The index declined 77.71 points by 7:24 AM IST, according to Reuters. The move came after the market opened higher following overnight gains in US semiconductor stocks.

KOSPI falls 77.71 points after rising more than 2%

Reuters reported that the KOSPI stood at 5,571.08 by 7:24 AM IST on Wednesday after falling 77.71 points, or 1.38%, from the previous close. The index had risen more than 2% earlier in the session. Reuters said the market opened higher after overnight gains in US semiconductor stocks.

Samsung Electronics falls 1.37% after reversing its early gain

Samsung Electronics fell 1.37%, Reuters reported, after its early gain was reversed during the session.

SK Hynix declines 2.9% after an early rise

SK Hynix declined 2.9% after giving up an early rise, according to Reuters.

LG Energy Solution drops 4.14%

LG Energy Solution dropped 4.14%, Reuters reported.

Hyundai Motor slips 0.9%

Hyundai Motor slipped 0.9%, according to Reuters.

Kia falls 3.05%

Kia Corp fell 3.05%, Reuters reported.

POSCO Holdings declines 1.5%

POSCO Holdings declined 1.5%, according to Reuters.

Samsung BioLogics falls 2.48%

Samsung BioLogics fell 2.48%, Reuters reported.

Foreign investors sell shares worth 1 trillion won

Foreign investors sold more than they bought in the market of South Korea’s shares, totaling 1 trillion won or $743.74 million in sales, Reuters said. Of 908 issues that were traded, 637 fell while 229 rose.

The won strengthens as Korean bond yields fall

South Korea’s currency, the won, rose 0.42% to 1,339.5 per dollar on onshore trading platforms after closing at 1,345.1 per dollar previously, Reuters reported.

December futures on three-year Treasury bonds rose 0.14 point to 103.60, according to Reuters. The three-year Korean Treasury bond yield fell 5.1 basis points to 3.693%, while the 10-year yield declined 5.3 basis points to 3.949%.

US midterm results remain the market focus

Reuters reported that investors were monitoring the US midterm election outcome ahead of the results. Expectations of a larger Democratic showing raised concerns about political gridlock in Washington and volatility across asset classes, including artificial-intelligence stocks.

Concerns over global financial-market volatility contributed to the selling, Reuters reported.