As uncertainties loom, Seoul shares edge up by 0.58% – but for how long can they stay afloat?

South Korean stocks rose slightly on Wednesday as investors remained cautious due to ongoing US debt concerns and weaker-than-expected retail sales data. The Korea Composite Stock Price Index gained 0.58% to close at 2,494.66, with moderate trading volume of 555.6 million shares worth 7.07 trillion won ($5.28bn). Foreign investors and institutions bought up local shares, while retail investors sold off. The local currency, the won, gained ground against the US dollar. Tech shares led the market’s gains, along with chemical and auto shares, while Samsung Electronics saw a 0.61% decline. Analysts said that uncertainties over the US debt ceiling and concerns about an economic slowdown limited the Kospi’s upward momentum. The country’s largest memory chip manufacturer, SK Hynix, rose 1.66% to 91,900 won, while LG Display climbed 3.75% to 15,770 won.

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