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Shares fall for sixth session ahead of U.S. inflation data

Published: 10 Sep. 2024, 17:34 Updated: 10 Sep. 2024, 19:28

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,523.43 points on Tuesday, down 12.50 points, or 0.49 percent, from the previous trading session. [NEWS1]

Shares extended their losing streak to six sessions Tuesday as investors took a cautious approach ahead of the release of key U.S. inflation data likely to affect the upcoming rate-setting meeting. The local currency traded lower against the greenback.

The benchmark Kospi lost 12.5 points, or 0.49 percent, to close at 2,523.43. The main index has continued its bearish mode for more than a week since Sept. 3.

Trading volume was light at 341.2 million shares worth 8.3 trillion won ($6.2 billion), with decliners beating gainers 531 to 342. Foreigners and institutions led the decline, selling a net 662.9 billion won and 62.3 billion won, respectively. Individual investors purchased a net 684.7 billion won.

Overnight, Wall Street's three major indexes finished steeply higher as investors sought bargains after the previous week's sell-off while awaiting inflation reports on Wednesday and the U.S. Federal Reserve's policy meeting next week.

In Seoul, most shares finished in negative territory.

Samsung Electronics lost 1.93 percent to 66,200 won, and its chipmaking rival SK hynix retreated 0.96 percent to 155,500 won.

Carmaker Hyundai Motor rose 0.65 percent to 231,000, and Kia fell 0.6 percent to 100,200 won. Their auto parts affiliate Hyundai Mobis declined 0.47 percent to 211,500 won.

Battery maker LG Energy Solution sank 5.01 percent to 379,500 won, and shipbuilder Hanwha Ocean skidded 1.33 percent to 29,700 won.

But Nongshim advanced 0.4 percent to 380,000 won, and biotech company SK bioscience rose 4.41 percent to 54,500 won.

Financial shares advanced as well, with KB Financial Group rising 0.73 percent to 82,900 won and Shinhan Financial Group up 0.89 percent to 56,600 won.

The local currency was trading at 1,343.7 won against the dollar at 3:30 p.m., up 3.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds lost 2.2 basis points to reach 2.877 percent, and the return on the benchmark U.S. 10-year government bond fell 0.9 basis points to 3.700 percent.

BY YOON SEUNG-JIN, YONHAP [[email protected]]