Kospi extends losing streak as investors watch U.S. inflation

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Kospi extends losing streak as investors watch U.S. inflation

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,540.27 points on Thursday, down 0.07 percent, or 1.71 points, from the previous trading session. [NEWS1]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,540.27 points on Thursday, down 0.07 percent, or 1.71 points, from the previous trading session. [NEWS1]

 
Shares closed a tad lower Thursday, extending their losing streak to a seventh consecutive session as investors awaited important U.S. inflation data. The local currency rose in value against the dollar.
 
The benchmark Kospi fell 1.71 points, or 0.07 percent, to close at 2,540.27.
 
The Kosdaq rose 7.07 points, or 0.81 percent, to close at 882.53.
 
Trade volume was moderate at 740 million shares worth 10.7 trillion won ($8.15 billion), with losers outnumbering gainers 439 to 438. 
 
The Kospi had opened in positive terrain, slightly extending its gains after the Bank of Korea kept its policy rate frozen at 3.5 percent for the eighth consecutive time.
 
The index ended in negative terrain after choppy trading as investors sat on the sidelines waiting for the release of the U.S. consumer price index this week, which will provide a clue to the U.S. Federal Reserve's future rate policy.
 
Institutions net sold 343.7 billion won worth of local shares, extending their selling spree to a seventh consecutive session, while foreigners unloaded 375.6 billion won. Retail investors scooped up a net 705.9 billion won worth of shares.
 
Large caps closed mixed.
 
Samsung Electronics lost 0.54 percent to 73,200 won, while chipmaker SK hynix soared 1.87 percent to 136,000 won.
 
Battery maker LG Energy Solution gained 1.22 percent to 415,500 won with Samsung SDI staying flat at 416,500 won.
 
Automaker Hyundai Motor added 0.16 percent to 187,000 won, but its smaller affiliate Kia slipped 0.88 percent to 89,700 won.
 
LG Chem shed 1.08 percent to 459,500 won and Celltrion fell 0.49 percent to 205,000 won.
 
Naver rose 0.22 percent to 231,500 won, and Kakao gained 2.70 percent to 60,800 won. 
 
Kakao Bank rose 9.80 percent to 29,700 won, and Kakao Pay shot up 21.59 percent to 58,000 won. 
 
The local currency closed at 1,312.90 won against the dollar, down 7.20 won from the previous session's close.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 4.2 points to 3.227 percent, and the return on the benchmark U.S. 10-year government bonds rose 1.9 points to 4.032 percent.


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