The Korea Herald

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Seoul shares end lower amid US rate hike woes

By Yonhap

Published : July 10, 2023 - 16:06

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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)

South Korean stocks finished lower Monday amid US rate hike woes. The local currency went down against the US dollar.

After choppy trading, the benchmark Korea Composite Stock Price Index shed 6.01 points, or 0.24 percent, to finish at 2,520.7, extending its losing streak to the fifth consecutive session.

Trading volume was moderate at 553.1 million shares worth 9.53 trillion won ($7.29 billion) with decliners outpacing gainers 450 to 428.

Foreigners sold a net 152.9 billion won worth of local equities, with institutions unloading a net 190.6 billion won. Individual investors were net buyers at 312.6 billion won.

All US stock indexes finished lower Friday after mixed US labor market data opened the door to the Fed's additional rate hikes.

The Fed is widely expected to resume monetary tightening next month after pausing its rate hike campaign after 10 consecutive rate increases last month.

In Seoul, most big-cap shares on the Kospi ended in negative terrain.

Market bellwether Samsung Electronics declined 0.57 percent to close at 69,500 won, and No. 2 chipmaker SK hynix lost 1.34 percent to 110,300 won. Leading chemical producer LG Chem went down 0.3 percent to 654,000 won.

Leading battery maker LG Energy Solution lost 2.14 percent to 550,000 won, and its smaller rival Samsung SDI slid 1.72 percent to 685,000 won.

Top automaker Hyundai Motor gained 0.74 percent to 205,500 won, while its sister company Kia retreated 0.46 percent to 87,500 won.

Posco Holdings, the country's top steelmaker, went down 0.75 percent to 397,000 won, while Posco Future M, Posco's industrial materials unit, surged 2.38 percent to 408,000 won.

The local currency ended at 1,306.5 won against the US dollar, down 1.5 won from the previous session's close. (Yonhap)