The Korea Herald

지나쌤

Seoul shares end tad up amid rate hike concerns

By Yonhap

Published : Feb. 21, 2023 - 16:15

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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 Tuesday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

South Korean stocks finished slightly higher Tuesday as traders remained uncertain about how aggressive the US Federal Reserve will be in raising interest rates to fight inflation. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index gained 3.84 points, or 0.16 percent, to close at 2,458.96 won.

Trading volume was moderate at 486.86 million shares worth 7.21 trillion won ($5.56 billion), with gainers outpacing decliners 549 to 323.

The index had fluctuated between positive and negative territory in the morning after opening marginally lower. It remained above the flatline in the afternoon session.

Institutions sold a net 92.46 billion won worth of shares, while foreign and retail investors bought a net combined 52.69 billion won.

US financial markets were closed Monday for Presidents Day.

On Friday, Wall Street ended mixed as stronger-than-expected US inflation readings and a low unemployment rate reinforced investors' fears that the Fed might raise borrowing rates more aggressively to bring down persistently high inflation.

In Seoul, most big-cap stocks ended mixed.

Market bellwether Samsung Electronics fell 0.96 percent to close at 62,100 won, and chip giant SK hynix lost 1.41 percent to 91,200 won.

Samsung Biologics lost 0.62 percent to 800,000 won, and Celltrion fell 1.4 percent to 154,800 won.

Top automaker Hyundai Motor ended flat at 178,200 won.

Among gainers, leading battery maker LG Energy Solution rose 0.78 percent to 520,000 won and LG Chem gained 3 percent to 687,000 won.

The local currency finished at 1,295.9 won against the US dollar, down 1.4 won from the previous session's close. (Yonhap)