South Korean stocks edged higher on Oct 2 as bargain hunting in major technology shares helped the Kospi recover from an early decline, outweighing concerns over elevated interest rates and rising oil prices.
Yonhap reported that the benchmark Kospi gained 32.39 points, or 0.45%, to close at 7,003.74, reclaiming the 7,000 level after opening in negative territory.
Technology shares provided the main support as investors returned to beaten-down heavyweight counters, while easing US Treasury yields offered some relief to growth stocks.
Sentiment nevertheless remained cautious as higher crude oil prices kept inflation concerns in focus and reinforced uncertainty over the outlook for global interest rates.
Wall Street’s modest overnight gains also provided a supportive backdrop, with the S&P 500 rising 0.19%, the Dow adding 0.04% and the Nasdaq Composite gaining 0.04%.
The South Korean won strengthened alongside equities, rising 7.8 won to 1,350.6 against the US dollar as of 3.30pm (local time on Oct 2).
