Stocks largely unchanged Wednesday as investors await U.S. inflation data

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Stocks largely unchanged Wednesday as investors await U.S. inflation data

Published: 12 Apr. 2023, 17:08 Updated: 13 Apr. 2023, 16:28

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,550.64 points on Wednesday, up 0.11 percent, or 2.78 points, from the previous trading day. [YONHAP]

Stocks closed almost flat Wednesday as investors await the release of U.S. inflation data later this week. The won declined against the dollar.

After choppy trading, the Kospi closed up 2.78 points, or 0.11 percent, to 2,550.64.

Institutional and retail investors were net sellers and sold off a combined 234.9 billion won ($176.9 million), while foreigners snapped up a net 212.8 billion won.

The main index moved between gains and losses, as investors remained cautious ahead of the release of the March readings of the consumer price index (CPI), due Wednesday, which will offer hints to the Fed's monetary tightening policy path.

"Investors locked in profits in the battery and semiconductor stocks, ahead of the U.S. CPI data and the release of the March FOMC minutes," said analyst Seo Sang-yong from Mirae Asset Securities.

In Seoul, large-cap shares closed mixed with autos rising and chemicals suffering losses.

Samsung Electronics inched up 0.15 percent to 66,000 won, while SK hynix retreated 1.63 percent to 90,300 won.

Auto shares gathered ground. Hyundai Motor climbed 3.18 percent to 198,200 won, and Kia added 1.29 percent to 86,100 won.

Steelmaker Posco Holdings advanced 2.39 percent to 406,500 won.

Among decliners, Naver was down 0.95 percent to 198,000 won, and Kakao dropped 1.01 percent to 58,700 won.

Refinery SK Innovation dipped 4.83 percent to 193,200 won, and battery maker LG Energy Solution fell 3.28 percent to 590,000 won.

Kosdaq's top two market caps retreated over concerns on overheating stock prices. EcoPro shed 16.78 percent to 640,000 won, and EcoPro BM lost 6.28 percent to 276,000 won.

The local currency closed at 1,325.7 won against the dollar, up 3.5 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 1.2 basis points to 3.226 percent, and the yield on the benchmark 10-year government bonds climbed 1.1 basis points to 3.426 percent.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]