Stocks hold steady as investors await Fed data
Published: 13 May. 2024, 17:22
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- KIM JU-YEON
- [email protected]
![A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,727.21 points on Monday, down 0.02 percent, or 0.42 points, from the previous trading session. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2024/05/13/3d39d0f4-befe-4955-b281-e5846024de58.jpg)
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,727.21 points on Monday, down 0.02 percent, or 0.42 points, from the previous trading session. [NEWS1]
The Kospi fell 0.42 points, or 0.02 percent, to 2,727.21.
Trade volume was slightly heavy at 614.2 million shares worth 12.9 trillion won ($9.4 billion), with losers outpacing winners 481 to 380.
Last week, the Dow Jones Industrial Average gained ground for the fourth consecutive week while the S&P 500 and the Nasdaq posted increases for the third straight week.
But Wall Street closed mixed on Friday as investors faced differing signals regarding the U.S. Federal Reserve's policy direction amid sticky inflation data and hawkish comments from Fed officials.
Investors are now awaiting the release of the U.S. producer price index for April on Tuesday and the consumer price index on Wednesday.
In Seoul, Samsung Electronics slid 1.01 percent to 78,400 won, while SK hynix jumped 2.17 percent to 183,800 won.
Battery shares were also mixed, with LG Energy Solution down 0.52 percent to 381,500 won and Samsung SDI leaping 0.93 percent to 433,000 won.
Auto and financial shares gained ground.
Hyundai Motor climbed 1.45 percent to 245,000 won, and Kia inched up 0.18 percent to 114,300 won.
KB Financial Group and Hana Financial Group soared 2.9 percent and 2.42 percent to 81,600 won and 63,600 won, respectively.
Major shipbuilders also rallied.
HD Hyundai Heavy Industries increased 5.28 percent to 143,500 won, and HD Korea Shipbuilding & Offshore Engineering surged 4.93 percent to 136,300 won.
But IT shares lost ground. Naver plunged 2.28 percent to 184,300 won amid its continued row over Line, and Kakao fell 1.67 percent to 47,000 won.
HYBE also plummeted 3.84 percent to 192,800 won amid its ongoing dispute with subsidiary ADOR.
The local currency ended at 1,368.20 won against the dollar, up 0.1 won from the previous session's close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds gained 0.8 basis points to reach 3.45 percent, and the return on the benchmark U.S. 10-year government bonds jumped by 4.2 basis points to 4.498 percent.
BY KIM JU-YEON, YONHAP [[email protected]]
with the Korea JoongAng Daily
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