Stocks close lower despite gains in morning

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Stocks close lower despite gains in morning

Published: 24 Nov. 2023, 17:07

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,496.63 points on Friday, down 0.73 percent, or 18.33 points, from the previous trading session. [NEWS1]

Shares closed lower Friday, snapping a four-day winning streak, with no major guidance in the markets due to the Thanksgiving holiday in the United States. The won fell in value against the dollar.

The benchmark Kospi was down 18.33 points, or 0.73 percent, to close at 2,496.63.

The Kosdaq dropped 0.98 points, or 0.12 percent, to close at 815.00.

Trade volume was slim at 352.2 million shares worth 6.38 trillion won ($4.9 billion), with gainers outnumbering decliners 452 to 413.

Institutions and retail investors bought a combined 194 billion won worth of stocks, offsetting foreign selling valued at 221.5 billion won.

The market expects the U.S. Federal Reserve to end its rate hikes and cut rates next year. But Fed officials showed little appetite for rate cuts, according to the latest Fed minutes.

In Seoul, most large-cap stocks declined.

Samsung Electronics fell 1 percent to 71,700 won, SK hynix declined 1.6 percent to 128,000 won, Posco Holdings dropped 0.53 percent to 472,500 won, and LG Energy Solution was down 1.3 percent to 442,500 won.

Hyundai Motor shed 0.4 percent to 184,000 won, while Kia fell 0.36 percent to 84,200 won.

Among gainers, KG Mobility, formerly SsangYong Motor, jumped 6.8 percent to 8,380 won, Korea Electric Power Corporation climbed 0.2 percent to 18,790 won, and Kakao rose 0.4 percent to 50,500 won.

The local currency was trading at 1,306.40 won against the dollar, up 8.9 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds rose 3.3 points to 3.678 percent, and the return on the benchmark U.S. 10-year government bonds gained 0.05 points to 4.462 percent.

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