Foreign purchases boost market despite Fed policy concerns

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Foreign purchases boost market despite Fed policy concerns

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,514.96 points on Thursday, up 0.13 percent, or 3.26 points, from the previous trading session. [YONHAP]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,514.96 points on Thursday, up 0.13 percent, or 3.26 points, from the previous trading session. [YONHAP]

Shares closed higher Thursday, boosted by foreign purchases, while investors remain concerned about the U.S. Federal Reserve's future policy path. The won rose in value against the dollar.
 
The benchmark Kospi was up 3.26 points, or 0.13 percent, to close at 2,514.96.
 
The Kosdaq rose 1.37 points, or 0.17 percent, to close at 815.98. 
 
Trade volume was slim at 353.45 million shares worth 6.43 trillion won ($5 billion), with decliners outnumbering gainers 469 to 403.
 
Foreigners bought a net 119 billion won worth of stocks, offsetting institutions and individuals' stock selling valued at 137 billion won.
 
The Dow Jones Industrial Average rose 0.5 percent to 35,273.03 overnight, and the tech-rich Nasdaq added 0.5 percent to 14,265.86.
 
Many expected that the Fed had nearly completed its rate-hike cycle and that 2024 might bring rate cuts. But newly released minutes from the Fed's recent meeting indicate that the central bank has no intention of easing monetary policy.
 
“With no major upside momentum out there, foreign purchases helped the main index end in positive territory ahead of the Thanksgiving holiday,” said Kim Byoung-yeon, an analyst at NH Investment & Securities.
 
Large-cap stocks were mixed across the board.
 
Among gainers, Hyundai Motor rose 1 percent to 184,800 won, while Kia added 1.68 percent to 184,800 won.
 
Korean Air soared 2 percent to 22,800 won, LG Energy Solution gained 1.5 percent to 448,500 won, and Korea Electric Power Corporation jumped 3.4 percent to 18,750 won.
 
Among decliners, Samsung Electronics fell 0.6 percent to 72,400 won, SK hynix declined 0.9 percent to 130,100 won, and Hyundai Steel shed 1.1 percent to 35,350 won.
 
Naver dropped 0.96 percent to 205,500 won while Kakao stayed flat at 50,300 won. 
 
The local currency was trading at 1,297.5 won against the U.S. dollar, down 3 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 2.3 points to 3.645 percent, and the return on the benchmark U.S. 10-year government bonds rose 1.8 points to 4.410 percent.

BY KIM JU-YEON, YONHAP [[email protected]]
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