South Korean Stocks Close Marginally Higher as Tech Earnings Anticipation Weighs

Deep News14:51

South Korean equities finished slightly higher on Wednesday, buoyed by continued strength in the semiconductor sector, as investors awaited upcoming corporate results from major U.S. technology firms.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 49.75 points, or 0.74%, at 6,797.7, having touched an intraday high of 7,166.00 points.

The index opened significantly stronger but later surrendered a portion of its early gains as retail and institutional investors sold off large-cap technology stocks to lock in profits.

An analyst from Daishin Securities noted that the KOSPI's retreat from its earlier highs was influenced by rising international oil prices and a cautious stance among investors ahead of the earnings report from Alphabet Inc. (GOOGL).

Alphabet is scheduled to release its second-quarter financial results on Wednesday local time.

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