South Korean stocks remained almost unchanged late Wednesday morning as investors weighed the odds of a debt ceiling deal passing U.S. Congress.
The benchmark Korea Composite Stock Price Index had shed 0.52 points, or 0.02 percent, to 2,585 as of 11:20 a.m.
Overnight, Wall Street closed mixed as the debt ceiling deal reached between U.S. President Joe Biden and House Speaker Kevin McCarthy went to Congress.
The deal now needs to receive enough bipartisan support before the June 5 deadline to avert a potentially devastating federal default.
The Dow Jones Industrial Average declined 0.15 percent, while the S&P 500 rose 0.002 percent and the tech-heavy Nasdaq Composite climbed 0.32 percent.
Earlier in the day, North Korea fired what it claims to be a “space launch vehicle” southward, but it fell into the Yellow Sea after an “abnormal” flight, the South Korean military said, in an apparently botched launch that defied international criticism and warnings.
Seoul’s stock market pared earlier gains and remained near the flatline.
Tech heavyweight Samsung Electronics shed 0.14 percent, and chip giant SK hynix declined 0.82 percent.
Leading battery maker LG Energy Solution jumped 2.59 percent, and Samsung SDI was flat.
Carmakers traded higher, with top automaker Hyundai Motor climbing 0.25 percent and Kia rising 0.12 percent.
The local currency was trading at 1,323.7 won against the U.S. dollar at 11:20 a.m., up 1.2 won from the previous session’s close.
Source: Yonhap News Agency