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Seoul shares snap 7-day winning streak to close lowerBy Yonhap
Published : April 18, 2023 - 16:07
South Korean stocks finished down Tuesday, breaking their seven-day streak of gains amid concerns over possible rate hikes in the United States. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index shed 4.82 points, or 0.19 percent, to close at 2,571.09.
Trading volume was high at 882.9 million shares worth 13.9 trillion won ($10.5 billion), with losers outnumbering gainers 577 to 309.
Institutions sold a net 664 billion won worth of stocks, while foreigners and retail investors bought stocks valued at a net 708 billion won.
US economic data have shown that inflation is coming down, but consumer prices except for food and gasoline are still stubbornly high, pointing to the possibility that the Fed could keep rates high for longer after its widely expected 25 basis points hike in May.
Investors are now awaiting the release of the Federal Reserve's Beige Book this week and commentary from Fed officials for insight on the US central bank's future rate-hike path.
In Seoul, big-cap stocks finished mixed.
Market behemoth Samsung Electronics rose 0.46 percent to close at 65,600 won, and No. 2 chipmaker SK hynix declined 1.02 percent to 87,600 won.
Chemical giant LG Chem rose 2.48 percent to 825,000 won, leading car battery maker LG Energy Solution climbed 0.17 percent to 592,000 won, and Samsung SDI added 1.46 percent to 766,000 won.
Among the losers, top carmaker Hyundai Motor Co. dropped 1.85 percent to 191,400 won and its affiliate Kia Corp. shed 2.13 percent to 82,700 won, following the news that the two carmakers were not included in the list of 16 electric vehicles that qualify for the US federal tax credit under the Inflation Reduction Act.
The local currency ended at 1,318.6 won against the US dollar, down 7.5 won from the previous session's close. (Yonhap)
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