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Seoul shares end almost flat amid rate woesBy Yonhap
Published : July 19, 2023 - 16:11
Seoul shares ended almost flat Wednesday as investors remain watchful on whether the Federal Reserve will continue its aggressive rate hikes this year to tame inflation. The Korean won fell against the US dollar.
The benchmark Korea Composite Stock Price Index rose 0.62 points, or 0.02 percent, to close at 2,608.24. Trading volume was moderate at 433.9 million shares worth 11 trillion won ($9.5 billion), with decliners outpacing gainers 599 to 272.
Institutions and foreigners offloaded a combined 395 billion won worth of stocks, exceeding individuals' stock purchases valued at 368.3 billion won.
Overnight, US stocks advanced, with the Dow Jones Industrial Average rising 1.1 percent to 34,951.93 points and the tech-heavy Nasdaq Composite gaining 0.8 percent at 14,353.64.
Investors are keeping an eye on the US central bank, which is widely expected to raise rates further this year in line with its inflation target of 2 percent.
In Seoul, large-cap stocks ended mixed.
Top carmaker Hyundai Motor Co. rose 0.3 percent to 202,000 won, Samsung Heavy Industries Co. jumped 4.4 percent to 8,560 won, leading steelmaker POSCO Holdings climbed 2.4 percent to 499,500 won, and leading car battery maker LG Energy Solution was up 2 percent to 560,000 won.
Among decliners, market behemoth Samsung Electronics Co. fell 0.4 percent to 71,700 won, No. 2 chipmaker SK hynix Inc. declined 0.3 percent to 117,500 won, and the country's flag carrier Korean Air Co. shed 1.2 percent to 25,450 won.
The local currency ended at 1,265.60 won against the US dollar, down 5.2 won from the previous session's close. (Yonhap)
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