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Seoul shares end lower ahead of US chipmaker's earnings, Fed chief's addressBy Yonhap
Published : Aug. 23, 2023 - 16:00
Seoul shares ended lower Wednesday as investors await US chip giant Nvidia Corp.'s earnings results and comments from the US Federal Reserve on its monetary policy. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index declined 10.24 points, or 0.41 percent, to close at 2,505.50.
Trading volume was moderate at 535.96 million shares worth 8.35 trillion won ($6.2 billion), with losers outnumbering gainers 503 to 367.
Overnight, US stocks ended mixed, with the Dow Jones Industrial Average falling 0.51 percent and the tech-heavy Nasdaq Composite inching up 0.06 percent.
Nvidia's second-quarter earnings report due later Wednesday will likely have broader implications for the markets as the tech stock accounts for more than 3 percent of the S&P 500, analysts said.
Investors are also watching an address Friday by Federal Reserve Chair Jerome Powell at the Fed's annual summit in Jackson Hole for clues on the US central bank's future monetary policy, they said.
Institutions and foreigners sold a combined 93 billion won worth of stocks, offsetting individuals' stock purchases valued at 94 billion won.
In Seoul, large-cap stocks were mixed across the board.
Market bellwether Samsung Electronics Co. rose 0.8 percent to 67,100 won, leading wireless services provider SK Telecom Co. climbed 0.1 percent to 47,200 won, Korea Aerospace Industries Co., the country's sole aircraft manufacturer, advanced 1.1 percent to 48,600 won, and the state-run Korea Electric Power Corp. gained 0.8 percent to 18,930 won.
Among decliners, top carmaker Hyundai Motor Co. fell 0.2 percent to 187,500 won, leading auto parts maker Hyundai Mobis Co. declined 1.3 percent to 227,000 won, and leading car battery maker LG Energy Solution dropped 2.6 percent to 525,000 won.
The local currency closed at 1,339.70 won against the US dollar, down 4.2 won from the previous session's close. (Yonhap)
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