KOSPI gives up early gains as profit-taking hits 7,000 level in Seoul

South Korea's KOSPI index opened 1.94% higher at 7,153.99 on Wednesday but quickly surrendered most gains, falling to just 0.08% at 7,023.87 by mid-morning, highlighting persistent profit-taking around the 7,000 level despite foreign investor interest. Samsung Electronics held a 1.9% gain while SK Hynix rose only 0.1% after both climbed over 2% at the open. Foreign investors bought about 140 billion won in KOSPI shares, with institutions adding 700 billion won, while retail investors sold roughly 1 trillion won. The won strengthened to about 1,352.6 per dollar. The pattern repeated from Tuesday, when the index opened over 2% higher but closed just 0.15% up. Analysts note resistance near 7,000 is weakening, with cheaper oil and a potential US-China trade truce offering support. Japan remained closed for a holiday, while Chinese markets fell ahead of a Trump-Xi meeting.