Shares ended higher amid global economic slowdown

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,617.22 points on Wednesday, up 11.35 points, or 0.44 percent, from the previous trading day. [YONHAP]

Shares ended higher on Wednesday while investors remain cautious about surging inflation and a global economic slowdown. The won rose against the dollar.

After choppy trading, the Kospi rose 11.35 points, or 0.44 percent, to 2,617.22.

Trading volume was light at 698.94 million shares worth 8.2 trillion won ($6.5 billion), with gainers outpacing decliners 485 to 360.

Institutions bought a net 513 billion won worth of stocks, while foreigners and individuals sold 165 billion won and 360 billion won each.

Investors remain jittery over the impact of the Fed's additional rate hikes, the Russia-Ukraine war and China's Covid-19 lockdown on the global economy, analysts said.

"They also await a cue from the Fed minutes to be released on Wednesday about the U.S. central bank's future rate decisions," Yoo Myeong-gan, an analyst at Mirae Asset Daewoo, said.

Technology stocks declined in line with overnight losses on the tech-focused Nasdaq market, which kept the Kospi from rising further.

The Dow Jones Industrial Average rose 0.2 percent to 31,928.62, but the Nasdaq index fell 2.4 percent to 11,264.45.

In Seoul, bio and chemical stocks advanced, while techs and autos finished in negative terrain.

Samsung Electronics fell 0.15 percent to 66,400 won, and chipmaker SK hynix declined 0.46 percent to 108,000 won. Carmaker Hyundai Motor shed 0.81 percent to 183,500 won, with its affiliate Kia falling 0.84 percent to 82,600 won.

Among gainers, state-run Korea Electric Power Corporation rose 0.43 percent to 23,600 won, and Korea Gas Corporation climbed 0.71 percent to 42,450 won. SK Innovation gained 1.23 percent to 205,000 won.

Biopharmaceutical company Celltrion jumped 5.52 percent to 153,000 won, and SK bioscience increased 2.28 percent to 134,500 won.

The local currency ended at 1,264.60 won against the dollar, down 1.60 won from Tuesday's close.

The Kosdaq advanced 7.62 points, or 0.88 percent, to close at 872.69 points.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds declined 3.6 basis points to 2.931 percent, and the yield on the benchmark 10-year government bond dropped 9.9 basis points to 2.75 percent.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]