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Seoul shares up for 3rd day amid eased inflation woes; won sharply upBy Yonhap
Published : July 13, 2023 - 16:31
Seoul shares ended higher Thursday to extend their winning streak to a third day as eased US inflation muted concerns over the US Federal Reserve's aggressive rate hikes. The South Korean won sharply rose against the US dollar.
The benchmark Korea Composite Stock Price Index climbed 16.51 points, or 0.64 percent, to finish at 2,591.23.
Trading volume was moderate at 573.79 million shares worth 13.1 trillion won ($10.2 billion), with gainers outpacing decliners 469 to 399.
Institutions and foreigners bought a combined 716 billion won worth of stocks, offsetting individuals' stock selling valued at 719 billion won.
Overnight, the Dow Jones Industrial Average advanced 0.3 percent, and the tech-heavy Nasdaq Composite moved up 1.2 percent.
The US consumer price index, a key inflation gauge, rose 3 percent in June from a year earlier, the smallest increase since March 2021.
The sharp slowdown in US inflation is increasing the likelihood that the US central bank is nearing the end of its aggressive monetary tightening policy, analysts said.
Earlier in the day, the Bank of Korea also kept its key rate at 3.5 percent due to an economic slowdown and easing inflation.
In Seoul, large-cap stocks were mixed across the board.
Leading auto parts maker Hyundai Mobis Co. rose 0.2 percent to 233,000 won, Hanwha Ocean Co., formerly Daewoo Shipbuilding & Marine Engineering Co., climbed 5.3 percent, the state-run Korea Electric Power Corp. advanced 3.5 percent to 20,700 won, and leading car battery maker LG Energy Solution moved up 1.5 percent to 542,000 won.
Among decliners, national flag carrier Korean Air Co. fell 1.2 percent to 25,550 won, the country's sole aircraft manufacturer, Korea Aerospace Industries Co., declined 1.3 percent to 54,500 won, and No. 1 cosmetics firm AmorePacific Corp. shed 0.6 percent to 103,500 won.
Market behemoth Samsung Electronics Co. stayed unchanged at 71,900 won, and leading wireless services provider SK Telecom Co. also stayed at 45,900 won.
The local currency closed at 1,274 won against the US dollar, up 14.7 won from the previous session's close. (Yonhap)
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