Seoul shares ended lower on tech losses Friday, as investors remain hopeful for the Federal Reserve’s rate cut next week. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.13 percent, or 3.32 points, to close at 2,575.41. The KOSPI has risen 1.2 percent this week.
Trading volume was moderate at 351.2 million shares worth 8.25 trillion won (US$6.2 billion), with gainers far exceeding decliners 598 to 271.
Foreigners sold a net 974 billion won worth of stocks, exceeding institutions and individuals’ stock purchases valued at 856 billion won.
In August, the U.S. core consumer price index and producer price index rose slightly from a month earlier, dashing hopes for a big cut by the Fed next week.
But the U.S. central bank is widely expected to cut rates by at least 25 basis points when it meets on Sept. 17 and 18.
Tech stocks were lead decliners.
Market bellwether Samsung Electronics fell 2.9 percent to 64,400 won, No. 2 chipmaker SK hynix Inc. re
treated 3.6 percent to 162,800 won, leading battery maker LG Energy Solution Ltd. shed 3.5 percent to 399,500 won, and leading cosmetics firm Amorepacific Corp. plunged 6.2 percent to 140,600 won.
Among gainers, top carmaker Hyundai Motor Co. rose 2.2 percent to 237,000 won, Hyundai Motor’s smaller affiliate Kia Corp. climbed 1.4 percent to 100,500 won, No. 1 auto parts maker Hyundai Mobis Co. jumped 4.7 percent to 223,500 won, and state-run Korea Gas Corp. was up 2 percent at 46,200 won.
Hyundai Motor Group affiliates advanced on news that Hyundai Motor will expand collaboration with General Motors Co. in vehicle development and clean energy technologies.
The local currency traded at 1,329.50 won against the dollar at 3:30 p.m., up 9.2 won from the previous session.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 4.4 basis points to 2.822 percent, while the return on the benchmark five-year government bonds declined 6.5 basis points to 2.832 percent.
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ource: Yonhap News Agency