Shares rise ahead of U.S. CPI announcement

Home > Business > Finance

Shares rise ahead of U.S. CPI announcement

Published: 14 Nov. 2023, 16:48

KIM JU-YEON
kim.juyeon2@joongang.co.kr

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,433.25 points on Tuesday, up 1.23 percent, or 29.49 points, from the previous trading session. [NEWS1]

Shares finished higher Tuesday due to gains in the technology and chemical sectors, while investors awaited U.S. inflation data slated to be announced this week. The local currency depreciated in value against the dollar.

The Kospi advanced 29.49 points, or 1.23 percent, to close at 2,433.25.

The Kosdaq rose 3.26 points, or 1.01 percent, to close at 326.57.

Trading volume was slim at 300 million shares worth 6.27 trillion won ($4.71 billion), with gainers outnumbering losers 709 to 108.

Foreigners offloaded a net 93.5 billion won worth of local shares, and individuals dumped a net 542.4 billion won. Institutions, on the other hand, bought a net 625.5 billion won.

Analysts said that trading volume was slim as investors sat on the sidelines ahead of the announcement of the U.S. consumer price index (CPI) this week while closely monitoring the possibility that Washington may face a government shutdown should Congress fail to pass a spending plan by Friday (local time).

“The market gain was limited despite the weak greenback and robust exports in November due to concerns over the U.S. CPI amid the short selling ban,” said Kiwoom Securities analyst Han Ji-young.

Tech shares closed higher with Samsung Electronics rising 0.57 percent to 70,800 won and LG Energy Solution climbing 5.17 percent to 437,000 won.

Naver jumped 3.12 percent to 198,600 won, and Kakao increased 3 percent to 46,350 won.

Chemical shares also closed higher, with LG Chem moving up 2.54 percent to 465,000 won and SK Innovation gaining 2.52 percent to 134,300 won. Celltrion rose 1.47 percent to 159,100 won.

Hyundai Motor increased 1.10 percent to 175,200 won, and Kia rose 1.56 percent to 78,200 won.

The local currency ended at 1,328.9 won against the dollar, up 3.8 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 1.7 points to 3.859 percent, and the return on the benchmark U.S. 10-year government bonds dropped 0.9 points to 4.634 percent.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]