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Stocks see little change Tuesday amid China's worse-than-expected economic data

Published: 16 May. 2023, 18:29 Updated: 16 May. 2023, 18:47

A screen in Hana Bank's trading room in central Seoul shows stock and foreign exchange markets close on Monday. On Tuesday, the Kospi closed at 2,480.24 points, up 0.04 percent, or 0.89 points, from the previous trading day. [YONHAP]

Stocks ended nearly unchanged Tuesday amid China's worse-than-expected economic data. The won fell against the dollar.

After starting a tad higher, the benchmark Kospi finished up 0.89 point, or 0.04 percent, to 2,480.24. The index opened 0.61 percent higher than the previous session's close but lost ground throughout the session to close near flat.

Trading volume was heavy at 617 million shares worth 7.96 trillion won ($5.94 billion), with decliners outnumbering gainers 564 to 302.

Foreigners bought 226.2 billion won worth of local stocks, while individuals and institutions dumped a combined 183.2 billion won.

"The local stock market opened higher on overnight gains on Wall Street, and swerved in and out from negative terrain on China's economic data," Han Ji-young from Kiwoom Securities said.

Earlier in the day, China announced that its industrial output rose 5.6 percent on year in April and retail sales gained 18.4 percent, both missing market expectations.

In Seoul, chip, chemical and banking sectors ended higher.

Market bellwether Samsung Electronics rose 1.4 percent to 65,400 won, and chipmaker SK hynix advanced 4.63 percent to 90.400 won.

Chemical firm LG Chem added 0.58 percent to 695,000 won, and refiner SK Innovation climbed 0.57 percent to 177,000 won.

Hana Financial Group went up 0.73 percent to 41,450 won, and KB Financial Group gained 1.02 percent to 49,300 won.

Carmakers, telecom carriers and internet portal operators lowered.

Hyundai Motor retreated 2.64 percent to 202,500 won, and Kia fell 3 percent to 87,300 won.

SK Telecom dropped 1.59 percent to 49,600 won, and KT shed 2.5 percent to 31,200 won.

Naver lost 2.12 percent to 207,500 won, and Kakao skidded 1.23 percent to 56,100 won.

The local currency ended at 1,338.6 won against the dollar, up 1.6 won from the previous session's close.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds slipped 3.9 basis points to 3.241 percent, and the yield on the benchmark 10-year government bonds jumped 3.9 basis points to 3.505 percent.

BY SOHN DONG-JOO, YONHAP [[email protected]]