Seoul Shares Close Higher on Early U.S. Midterm Election Outcome
Early results pointed to Democratic control of Congress, lifting battery and renewable energy shares while semiconductors fell on regulatory worries.
- The Korea Composite Stock Price Index opened sharply higher on Wednesday as investors tracked early midterm election results, finishing up 0.62 percent after swinging between gains and losses.
- Voting in the U.S. midterm elections started Tuesday, which could reshape policy directions during President Donald Trump's second half in office. Early results on Wednesday pointed to Democrats regaining control of both the Senate and the House.
- Battery and pharmaceutical shares closed bullish, with Celltrion advancing 5.32 percent and LG Energy Solution soaring 5.03 percent. Conversely, Samsung Electronics rose 1.94 percent while SK hynix fell 0.14 percent to 1.4 million won.
- Analyst Lee Kyoung-min of Daishin Securities said investors worry about "a possible decline in AI investment due to tighter regulations on AI data centers." Eco-friendly sectors gained strength on hopes for Democratic Congress policy support.
- A potential Democratic sweep of Congress raises the prospect of policy shifts under Trump, including tighter regulations on artificial intelligence data centers. Analysts also expect increased support for renewable energy and secondary batteries under Democratic control.
14 Articles
14 Articles
On the 4th, as vote counting for the U.S. midterm elections became increasingly likely for the Democratic Party to reclaim both the Senate and the House, the KOSPI suffered from extreme volatility, rising by over 3% during the session before abruptly reversing into a 4% decline. The key agenda of this election, which the domestic stock market focused on, was the regulation of artificial intelligence (AI) data centers, and the implications of the…
The Asian Bags recover from the minimums marked in the night while the outcome of the American elections, concluded with an overwhelming victory of the Democrats both in the House and in the Senate, reverberates its effects on the markets. (ANSA)
The Economic Times
Times of IndiaSouth Korean shares reverse gains, KOSPI falls over 1% as US midterm results loom
South Korean shares reversed early gains as caution ahead of the US midterm election results triggered broad selling. Technology stocks led the decline, while foreign investors offloaded equities worth 1 trillion won amid concerns over global market volatility.
Seoul shares open sharply higher on tech gains ahead of US election results
Korean stocks started sharply higher Wednesday, driven by gains in tech shares as investors awaited results from the U.S. midterm elections. The benchmark Korea Composite Stock Price Index (KOSPI) rose 124.21 points, or 2.2 percent, to 5,773 as of 9:15 a.m. Overnight on Wall Street, the tech-heavy Nasdaq gained 0.83 percent on strong chip shares and the S&P 500 climbed 0.36 percent. The PHLX chip index climbed 2.63 percent. Voting in the U.S. mi…
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