The Korea Herald

지나쌤

Seoul shares end lower ahead of Fed's rate decision

By Yonhap

Published : June 12, 2023 - 16:03

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

Seoul shares ended lower Monday as investors await the US Federal Reserve's interest rate decision this week. The Korean won rose against the US dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index fell 11.81 points, or 0.45 percent, to close at 2,629.35.

Trading volume was moderate at 547.41 million shares worth 9.25 trillion won ($7.2 billion), with decliners outpacing gainers 576 to 303.

The Dow Jones Industrial Average rose 0.1 percent to 33,876.78 on Friday (US time), and the tech-heavy Nasdaq Composite climbed 0.2 percent to 13,259.14.

Foreigners and institutions sold a combined 354 billion won worth of stocks, offsetting individuals' stock purchases valued at 346 billion won.

Analysts expected the US central bank will put its rate hike mode on hold this week as recent economic data show the US economy is slowing down.

In Seoul, tech and auto stocks were lead decliners.

Market bellwether Samsung Electronics Co. fell 1.4 percent to 71,000 won, No. 2 chipmaker SK hynix Inc. declined 0.5 percent to 114,800 won, top carmaker Hyundai Motor Co. dropped 0.5 percent to 196,200 won, and the state-run Korea Electric Power Corp. shed 0.5 percent to 18,980 won.

Among gainers, Hanjin KAL Corp., the parent firm of the national flag carrier Korean Air Co., rose 2.9 percent to 48,800 won, the country's sole aircraft manufacturer Korea Aerospace Industries Co. climbed 1.5 percent to 53,700 won, and Hanwha Ocean Co., formerly known as Daewoo Shipbuilding & Marine Engineering Co., jumped 3.8 percent to 30,100 won.

The local currency closed at 1,288.3 won against the US dollar, up 3.2 won from the previous session's close. (Yonhap)