Korean Stocks Erase Early Loss as Election Impact Seen Fleeting
- Kospi edges higher as foreign funds buy shares of chipmakers
- Won weakens vs dollar as hot US inflation stokes risk aversion
The South Korean won dropped 0.7% against the dollar.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korean stocks wiped out early losses Thursday as investors said the impact of a setback for President Yoon Suk Yeol’s party in parliamentary elections will be short-lived.
The benchmark Kospi closed up less than 0.1%, erasing its earlier decline of as much as 1.6%, as chipmakers climbed. The won held losses against the dollar after dropping to a 17-month low, as stronger-than-expected US inflation data stoked broader risk aversion, strengthening the greenback and overshadowing the impact from the local elections.