Stocks finish slightly up amid lingering concerns over rate hikes

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Stocks finish slightly up amid lingering concerns over rate hikes

Published: 17 Apr. 2023, 16:40 Updated: 17 Apr. 2023, 18:13

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2575.91 points on Monday, up 0.17 percent, or 4.42 points, from the previous trading day. [NEWS1]

Stocks finished marginally up to extend their winning streak to a seventh day on Monday amid lingering concerns over rate hikes in major economies. The won fell agains the dollar.

After choppy trading, the benchmark Kospi added 4.42 points, or 0.17 percent, to close at 2,575.91, extending its winning streak to seven sessions.

Trading volume was high at 765.6 million shares worth 12.5 trillion won ($9.59 billion) with gainers outnumbering decliners 488 to 389.

U.S. economic data showed that inflation is coming down, adding to hopes the Federal Reserve will dial back its aggressive rate-hike cycle.

Wall Street, however, finished lower, as consumer prices except for food and gasoline are still stubbornly high, which points to the possibility that the U.S. Federal Reserve could keep rates high for longer after its widely expected 25 basis points hike in May.

In Seoul, most big-cap stocks finished mixed.

Samsung Electronics inched up 0.31 percent to close at 65,300 won, while SK hynix closed down 0.90 percent to 88,500.

LG Chem rose 0.37 percent to 805,000 won.

Steelmaker Posco Holdings was up 1.8 percent to 423,500 won, and its chemical components-making unit, Posco Future M, spiked 12.26 percent to close at 384,500 won on the rosy growth prospects of secondary battery materials.

Doosan Enerbility surged 6.75 percent to 19,300 won on news that the construction project for Shin-Hanul 3 and 4 power plants will go ahead as planned.

Among the losers, battery maker LG Energy Solution fell 0.51 percent to 591,000 won, and Samsung SDI lost 0.92 percent to 755,000 won.

Hyundai Motor slid 0.56 percent to 195,000 won, and Kia went down 0.94 percent to 84,500 won.

Naver shed 1.01 percent to 197,000 won, and Kakao declined 0.66 percent to 60,100 won.

Kosdaq top cap EcoPro BM continued its cruise despite warning reports from analysts, rising 5.95 percent to 294,000 won.

The local currency ended at 1,311.1 won against the dollar, up 12.2 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 7 basis points to 3.285 percent, and the yield on the benchmark 10-year government bonds upped 7.4 basis points to 3.518 percent.

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