Stocks close flat after topsy-turvy trading session

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Stocks close flat after topsy-turvy trading session

Published: 06 Dec. 2023, 16:46

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show stock and foreign exchange markets open on Wednesday. [YONHAP]

Shares closed nearly flat Wednesday as major stocks ended in mixed territory. The local currency lost ground against the dollar.

Swinging between gains and losses, the Kospi added 1.10 points, or 0.04 percent, to close at 2,495.38.

The Kosdaq rose 6.16 points, or 0.76 percent, to close at 819.54.

Trade volume was slim at 384.3 million shares worth 7.51 trillion won ($5.71 billion), with winners outnumbering losers 499 to 371.

Institutions scooped up a net 240.5 billion won worth of shares, while individual and foreign investors dumped shares worth a net 93.8 billion won and 146.2 billion won, respectively.

"The local stock market will likely see a stagnant movement as investors take a cautious approach in the year-end season to avoid large share transfer taxes," said Han Ji-young, an analyst from Kiwoom Securities.

Market heavyweights finished mixed across the board.

Market bellwether Samsung Electronics edged up 0.7 percent to 71,700 won, and SK hynix fell 0.24 percent to 125,600 won.

Battery maker LG Energy Solution lost 1.28 percent to 424,500 won, and Posco Future M dropped 1.39 percent to 318,500 won.

Celltrion decreased 1.54 percent to 160,100 won, and Samsung Biologics declined 1.4 percent to 705,000 won.

But carmakers were strong, with Hyundai Motor advancing 0.83 percent to 182,900 won and Kia rising 0.48 percent to 84,500 won.

Mobile carriers were also in positive territory, with SK Telecom gaining 1.59 percent to 51,100 won and KT climbing 1.47 percent to 34,450 won.

Naver gained 0.23 percent to 213,500 won while Kakao dropped 0.59 percent to 50,500 won.

The local currency ended at 1,313.10 won against the dollar, up 1.9 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 3.1 points to 3.455 percent, and the return on the benchmark U.S. 10-year government bonds dropped 8.3 points to 4.173 percent.

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