Stocks finish higher for second day ahead of U.S. inflation data

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Stocks finish higher for second day ahead of U.S. inflation data

Published: 12 Jul. 2023, 17:28

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,574.72 points on Wednesday, up 0.48 percent, or 12.23 points, from the previous trading session. [YONHAP]

Stocks finished higher Wednesday behind gains in large-cap stocks as investors eye U.S. inflation data for hints on the market's direction moving forward. The won rose against the dollar.

The benchmark Kospi climbed 12.23 points, or 0.48 percent, to finish at 2,574.72.

Trading volume was moderate at 686.15 million shares worth 12.55 trillion won ($9.7 billion), with gainers outpacing decliners 496 to 362.

Institutions and foreigners bought a combined 244 billion won worth of stocks, offsetting individuals' stock selling valued at 254 billion won.

Overnight, the Dow Jones Industrial Average advanced 0.9 percent, and the tech-heavy Nasdaq Composite moved up 0.6 percent.

Investors are zeroed in on U.S. consumer price index data set to be released later in the day as it will help predict whether the U.S. central bank is at the end of its aggressive monetary tightening policy, analysts said.

In Seoul, large-cap stocks were mixed across the board.

Samsung Electronics rose 0.6 percent to 71,900 won, and SK hynix climbed 1.8 percent to 115,400 won.

Samsung Biologis grew 0.97 percent to 730,000 won, and Celltrion moved up 4.02 percent to 152,500 won.

Posco Holdings spiked 5.8 percent to 417,500 won, and SK Innovation gained 0.9 percent to 166,000 won.

Naver jumped 2.33 percent to 202,000 won, and Kakao advanced 1.78 percent to 51,600 won.

Among decliners, carmakers Hyundai Motor fell 1.7 percent to 103,500 won and Kia lost 0.11 percent to 88,400 won.

LG Energy Solution dropped 2.9 percent to 534,000 won, and LG Chem was down 0.15 percent to 653,000 won.

Kosdaq leaders EcoPro BM and EcoPro both plunged more than 5 percent on profit taking amid lower-than-expected second quarter earnings guidances.

The local currency closed at 1,288.7 won against the dollar, down 5 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds shed 0.4 basis points to 3.701 percent, and the yield on the benchmark 10-year government bonds dipped 2.6 basis points to 3.972 percent.

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