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Seoul Shares Open Higher Before Paring Gains on Foreign Selling

morning · · thread: Oil Prices Drop as US and Iran Pause Military Hostilities

2 sources · South Korea · 1 of them is linked to a state

Who reported this

  • Yonhap South Korea · Centre · State-affiliated · Cooperative; statutory national agency with state subsidy
  • The Korea Herald South Korea · Centre-right · Herald Corporation (Yeongpoong Group)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
  • A hatched block means the outlet is affiliated with, or controlled by, a state.

Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.

Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.

The owner of each outlet is listed as a matter of record, not as a judgement about the outlet.

Every source for this story reports from South Korea.

South Korean shares opened higher on Monday, tracking record gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) opened 0.76 percent higher at 6,306.33. By 9:15 a.m. the index had further gained to 6,359.92, an increase of 1.62 percent, led by technology stocks. Market bellwether Samsung Electronics rose 2.49 percent and SK hynix climbed 3.94 percent during the early session.

However, the KOSPI pared these gains later in the morning. As of 11:20 a.m. the index stood at 6,283.92, up 0.4 percent. This decline was driven by foreign investors who sold nearly 619.7 billion won worth of shares, primarily big-cap tech stocks. These sales offset a combined 598.2 billion won in buying by retail and institutional investors. The Korean won was trading at 1,414.8 won against the U.S. dollar as of 11:20 a.m. down from the previous session.

The Monday morning activity followed a Friday where the KOSPI ended lower for a second straight session due to foreign selling. Conversely, Wall Street advanced on Friday following U.S. job reports. The Dow Jones Industrial Average rose 0.28 percent, the S&P 500 added 0.62 percent to reach a fresh record, and the Nasdaq Composite Index increased 1.3 percent.

How each side framed it

Centre
Center outlets provided a chronological progression from the initial opening gains to the subsequent decline caused by foreign selling.
Centre-right
Center-right coverage focused on the positive opening and the bargain hunting behavior of investors.

Sources

100% of the statements in this article were traced back to the source articles listed above.