South Korean stocks saw an increase on Wednesday morning as individual investors sought opportunities after a significant sell-off in technology stocks. The benchmark Korea Composite Stock Price Index (KOSPI) rose by 3.32 percent to 8,476.27, opening 1.86 percent higher.
In the US, Wall Street closed lower due to declines in memory chip and semiconductor stocks, impacting investor sentiment. However, in Seoul, blue-chip technology shares were trading positively, with Samsung Electronics and SK hynix gaining 7.26 percent and 2.43 percent, respectively.
Automobile shares also performed well, with Hyundai Motor increasing by 0.59 percent and its affiliate Kia advancing by 2.4 percent. Additionally, the Korean won was trading at 1,536.7 won against the US dollar at 11:20 a.m., up 2.4 won from the previous session.
South Korea is striving for inclusion in the developed-market category under the Morgan Stanley Capital International (MSCI) index. Despite remaining in the emerging-market category, the country is working on reforms to potentially transition to the developed-market category in the future.
The finance ministry emphasized ongoing efforts to communicate with major overseas investors and incorporate their feedback into policies. South Korea aims to complete key tasks to achieve inclusion in the MSCI developed-market category by 2027, with plans to fulfill 28 of the 39 tasks by the end of the month.
