Seoul shares snap 3-day fall on improved economic dataBy Yonhap
Published : June 30, 2023 - 16:32
South Korean stocks closed higher Friday after the country's economic data showed improvement in industrial output, private spending and facility investment.
The benchmark Korea Composite Stock Price Index climbed 14.26 points, or 0.56 percent, to 2,564.28. Trading volume was moderate at 498.9 million shares worth 8.04 trillion won ($6.1 billion) with gainers outstripping decliners 612 to 260.
The index opened lower on losses of large-cap tech stocks and investors' woes over expectations the US Federal Reserve will push for additional rate hikes following strong economic data.
But market sentiment improved after data showed that South Korea's industrial output rose 1.3 percent in May, with retail sales and facility investment gaining ground as well.
Analysts at Mirae Asset Securities also said an uptick in China's manufacturing purchasing managers' index for this month, released earlier in the day, also helped ease investors' woes.
Institutions purchased a net 203.1 billion won worth of local shares, almost offsetting foreigners and domestic retail investors' sell-off of a total of 227.1 billion won.
Most big-cap stocks rose, except for semiconductor shares.
Top automakers -- Hyundai Motor and Kia -- were up 0.98 percent and 2.91 percent, respectively, on expectations they will post robust earnings in the second quarter. Hyundai Motor's auto parts-making affiliate, Hyundai Mobis, also jumped 2.88 percent.
Top battery maker LG Energy Solution climbed 0.55 percent, and its smaller rival Samsung SDI also added 0.6 percent. Leading chemical producer LG chem jumped more than 1 percent.
The financial sector also gained ground, with KB Financial Group rising 1.38 percent, Shinhan Financial Group 0.44 percent and Hana Financial Group 1.03 percent.
Chip shares retreated. Market heavyweight Samsung Electronics dipped 0.28 percent, and No. 2 chipmaker SK hynix dropped 0.86 percent.
The local currency ended at 1,317.7 won against the US dollar, almost flat compared with the previous session's close. (Yonhap)
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