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South Korean Stocks Open Sharply Higher Before Paring Gains

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 sharply higher on Friday, August 14, led by gains in major chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) opened 182.33 points, or 2.7 percent, higher at 6,995.67. This rally followed an overnight surge in U.S. stock markets, where the S&P 500 rose 0.7 percent, the Nasdaq Composite gained 0.8 percent, and the Dow Jones Industrial Average added 0.1 percent. The U.S. gains were attributed to easing oil prices and cooling wholesale inflation in July, which reduced pressure on the Federal Reserve to tighten policy.

In Seoul, Samsung Electronics and SK hynix drove the initial advance. Samsung Electronics rose 0.93 percent and SK hynix jumped 5.34 percent at the open. However, the KOSPI pared these gains later in the morning. By 11:20 a.m. the index had fallen to 6,901.29, a rise of 1.29 percent, as retail and institutional investors sold large-cap technology stocks. This selling was partially offset by foreign investors, who purchased nearly 1.01 trillion won in shares. By late morning, Samsung Electronics was up 0.56 percent and SK hynix had added 3.2 percent.

How each side framed it

Centre
The center lean outlets provided a chronological sequence of events, moving from the urgent opening surge to the subsequent late morning decline.
Centre-right
The center-right lean outlet focused exclusively on the positive opening rally and the underlying U.S. economic data.

Sources

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