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Stocks finish up 0.58 percent as uncertainties remain

Published: 17 May. 2023, 17:53 Updated: 17 May. 2023, 17:55

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,494.66 points on Wednesday, up 0.58 percent, or 14.42 points, from the previous trading day. [YONHAP]

Stocks finished a tad higher Wednesday as investors remained lukewarm amid lingering U.S. debt woes and weaker-than-expected retail sales data. The won rose against the dollar.

The benchmark Kospi added 14.42 points, or 0.58 percent, to close at 2,494.66.

Trading volume was moderate at 555.6 million shares worth 7.07 trillion won ($5.28 billion), with gainers beating decliners 552 to 318.

Foreign investors and institutions scooped up a combined 315.4 billion won worth of local shares, while retail investors dumped 324.7 billion won.

On Wall Street, the Dow Jones Industrial Average tumbled 1.01 percent and the tech-heavy Nasdaq Composite declined 0.18 percent as investors awaited developments in the negotiations on debt deals.

Analysts said weaker-than-anticipated April retail sales of the world's largest economy also weighed heavily on investor sentiment here.

"Uncertainties from U.S. debt-ceiling woes and concerns over an economic slowdown limited the Kospi's upward movement," Kim Jee-hyun, an analyst from Kiwoom Securities, said. "Individual stocks will keep showing separate movements from the Kospi's direction."

Tech shares led the benchmark index's upside gain, along with chemicals and auto shares.

LG Display surged 3.75 percent to 15,770 won on the latest news report that it will supply OLED TV panels to Samsung Electronics.

Market bellwether Samsung Electronics slid 0.61 percent to 65,000 won, but chipmaker SK hynix rose 1.66 percent to 91,900 won.

Internet portal operator Naver advanced 2.65 percent to 213,000 won, and Kakao jumped 2.85 percent to 57,700 won.

Car battery maker LG Energy Solution hiked 3.70 percent to 560,000 won, and Samsung SDI upped 2.98 percent to 691,000 won.

Hyundai Motor rose 0.99 percent to 204,500 won, and Kia grew 0.92 percent to 88,100 won.

The local currency ended at 1,337.2 won against the dollar, down 1.4 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds climbed 3.2 basis points to 3.273 percent, and the yield on the benchmark 10-year government bonds rose 3.6 basis points to 3.541 percent.

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