Shares extend losing streak to a fifth day Thursday

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Shares extend losing streak to a fifth day Thursday

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,371.08 points on Thursday, down 11.73 points, or 0.49 percent, from the previous trading day. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,371.08 points on Thursday, down 11.73 points, or 0.49 percent, from the previous trading day. [YONHAP]

 
Shares extended their losing streak to a fifth day Thursday amid concerns the U.S. Federal Reserve may keep its aggressive policy tightening following solid economic data. The won rose against the dollar.
 
The benchmark Kospi retreated 11.73 points, or 0.49 percent, to 2,371.08. Trading volume was moderate at 345.56 million shares worth 7.4 trillion won ($5.7 billion), with decliners outnumbering gainers 643 to 218.
 
Foreigners sold a net 475.7 billion won worth of stocks, while institutions purchased a net 224.8 billion won and retail investors a net 205.4 billion won. 
 
The stronger-than-expected jobs report and service industry activity released early this week for November bolstered the case for the Fed to keep aggressive tightening to tame runaway inflation, analysts said.
 
"Investors remain cautious waiting for U.S. unemployment and wholesale data to be released later this week to take a cue in reorganizing their portfolios," Lim Seung-mi, an analyst at Hana Securities said.
 
The possibility that the U.S. economy could slip into a recession in 2023 is also weighing on investor sentiment, she said.
 
In Seoul, large-cap stocks closed mixed.
 
Hyundai Motor fell 0.6 percent to 162,000 won, and its affiliate Kia dropped 0.5 percent to 64,700 won. SK hynix shed 0.1 percent to 78,800 won and SK Innovation declined 0.6 percent to 163,500 won.
 
Among gainers, Samsung Electronics rose 0.5 percent to 59,200 won, and Amorepacific climbed 0.4 percent to 135,500 won.
Naver increased 1.1 percent to 185,500 won, while Kakao remained flat 55,500 won. 
 
Bio stocks closed mixed. Samsung Biologics lost 0.5 percent to 827,000 won, while Celltrion added 1.2 percent to 176,500 won.  
 
The local currency ended at 1,318.00 won against the greenback, down 3.70 won from the previous day's close.
The Kosdaq lost 5.62 points, or 0.78 percent, to close at 712.52 points.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 0.5 basis points to 3.671 percent, and the yield on 10-year government bonds gained 1.7 basis points to 3.527 percent.

BY CHO JUNG-WOO, YONHAP [cho.jungwoo1@joongang.co.kr]
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