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Seoul shares up for 2nd day amid US rate cut concerns

By Yonhap

Published : May 8, 2024 - 16:00

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An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

Seoul shares ended higher Wednesday as investors remain watchful over whether the US Federal Reserve will slash key rates this year. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index rose 10.69 points, or 0.39 percent, to close at 2,745.05.

Trading volume was moderate at 424.75 million shares worth 10.09 trillion won ($7.4 billion), with winners outpacing losers 575 to 280.

Institutions and foreigners bought a combined 434.7 billion won worth of stocks, offsetting individuals' stock selling valued at 403.23 billion won.

Overnight, US stocks ended nearly flat. The Dow Jones Industrial Average inched up 0.08 percent to 38,884.26, and the tech-heavy Nasdaq fell 0.1 percent to 16,332.56, as investors remained concerned over hawkish remarks by some Fed officials.

In Seoul, auto and energy stocks led the gains.

No. 2 carmaker Kia Corp. rose 0.3 percent to 116,000 won, leading auto parts maker Hyundai Mobis Co. climbed 1.5 percent to 232,000 won, leading battery maker LG Energy Solution Ltd. gained 0.4 percent to 393,000 won, and national flag carrier Korean Air Co. was up 1.4 percent to 21,800 won.

Among decliners, No. 2 chipmaker SK hynix Inc. fell 0.9 percent to 178,000 won, the state-run Korea Electric Power Corp. declined 1.6 percent to 21,500 won, and leading cosmetics firm AmorePacific Corp. shed 1.4 percent to 164,700 won.

The local currency closed at 1,361.50 won against the greenback, down 1.4 won from the previous session's close. (Yonhap)