Kospi inches up after U.S. Fed signals 'patience'

Home > Business > Finance

print dictionary print

Kospi inches up after U.S. Fed signals 'patience'

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,983.22 points on Thursday, up 7.51 points, or 0.25 percent, from the previous trading day. [NEWS1]

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 2,983.22 points on Thursday, up 7.51 points, or 0.25 percent, from the previous trading day. [NEWS1]

 
Stocks advanced Thursday, as the U.S. Federal Reserve signaled "patience" in raising interest rates. The won fell against the dollar.
 
The benchmark Kospi rose 7.51 points, or 0.25 percent, to close at 2,983.22 points.
 
Trading volume was moderate at about 759 million shares worth some 14.4 trillion won ($12.2 billion), with losers outnumbering gainers 580 to 295.
 
Foreigners bought a net 332 billion won, while retail investors sold 698 billion won. Institutions purchased a net 341 billion won.
 
The key index came off to a bullish start.
 
Overnight, the tech-heavy Nasdaq composite added 1.04 percent, and the Dow Jones Industrial Average gained 0.29 percent, as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the economic recovery.
 
At a news conference, Fed Chair Jerome Powell said Wednesday the U.S. central bank would be "patient" before hiking the benchmark interest rate.
 
"The Kospi seems to have received a positive impact from the accommodative FOMC meeting results [about the interest rates]," said Daeshin Securities analyst Lee Kyung-min.
 
Samsung Electronics increased 0.28 percent to 70,600 won, and chipmaker SK hynix advanced 0.47 percent to 106,000 won.
 
Internet portal operator Naver climbed 2.24 percent to 411,500 won, and Kakao jumped 4.42 percent to 130,000 won. 
 
LG Chem gained 0.77 percent to 790,000 won, and rechargeable battery maker Samsung SDI rose 2.6 percent to 751,000 won. 
 
Hyundai Motor moved up 2.64 percent to 214,000 won, and its sister company Kia increased 2.35 percent to 87,000 won. 
 
Kakao Pay, the mobile payment service arm of Kakao, plunged 12.44 percent to 169,000 won on its second day of trading on profit-taking. Kakao Bank gained 1.01 percent to 60,000 won. 
 
The Kosdaq lost 3.57 points, or 0.36 percent, to close at 1,001.43.  
 
The local currency closed at 1,182.6 won against the dollar, up 1 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 0.4 basis point to 2.040 percent, and the return on the benchmark 10-year government bond gained 5.3 basis points to 1.6 percent.

BY LEE TAE-HEE, YONHAP [lee.taehee2@joongang.co.kr]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now