South Korean stocks fell for the seventh consecutive session Wednesday led by foreign sell-off ahead of U.S. inflation data that could influence the Federal Reserve’s policy move next week. The Korean won traded higher against the U.S. greenback.

The benchmark Korea Composite Stock Price Index lost 10.06 points, or 0.4 percent, to close at 2,513.37. The main index has been in a bearish mode since Sept. 3.

Trading volume was light at 294.1 million shares worth 9.4 trillion won (US$7 billion), with decliners beating gainers 525 to 343.

Foreign investors led the decline, dumping a net 1.04 trillion won, while institutions and individuals purchased a net 36.8 billion won and 904.7 billion won, respectively.

The market focused on the U.S. government’s consumer price index report later Wednesday (U.S. time), which would give key clues for the Fed’s upcoming rate-setting meeting.

This photo taken Sept. 11, 2024, shows the dealing room of Hana Bank in central Seoul. (Yonhap)

This photo taken Sept. 11, 2024, sh
ows the dealing room of Hana Bank in central Seoul. (Yonhap)

In Seoul, tech, bank and bio shares ended in negative territory.

Chip giant Samsung Electronics sank 1.96 percent to 64,900 won, and Hanmi Semiconductor, a leading chip equipment provider, edged down 0.1 percent to 96,300 won.

KB Financial Group tumbled 6.03 percent to 77,900 won, and Shinhan Financial Group slumped 6.18 percent to 53,100 won.

Leading pharmaceutical firm Celltrion dropped 2.6 percent to 190,700 won, and Samsung Biologics, the bio tech unit under Samsung Group, declined 1.51 percent to 981,000 won.

But SK hynix, the world’s second-largest memory chipmaker, rose 1.09 percent to 157,200 won, and leading battery maker LG Energy Solution jumped 5.14 percent to 399,000 won.

The local currency traded at 1,339 won against the dollar at 3:30 p.m., up 4.7 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 5.7 basis points to 2.820 percent, while the return o
n the benchmark five-year government bonds declined 5.1 basis points to 2.855 percent.

Source: Yonhap News Agency