Kospi closes the week up 0.13% on auto, steel gains

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Kospi closes the week up 0.13% on auto, steel gains

Published: 13 Sep. 2024, 17:03

SHIN HA-NEE
shin.hanee@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,575.41 points on Friday, up 3.32 points, or 0.13 percent, from the previous trading session. [NEWS1]

Seoul shares ended mildly higher on Friday, as gains in auto and steel stocks offset tech losses. The won fell against the dollar.

The Kospi gained 0.13 percent, or 3.32 points, to close at 2,575.41.

Trading volume was moderate at 351.2 million shares worth 8.25 trillion won ($6.2 billion), with gainers far exceeding decliners 598 to 271.

Foreigners sold a net 974 billion won worth of stocks, exceeding institutions and individuals' stock purchases valued at 856 billion won.

In August, the U.S. core consumer price index and producer price index rose slightly from a month earlier, dashing hopes for a big cut by the Federal Reserve next week.

However, the U.S. central bank is widely expected to cut rates by at least 25 basis points when it meets on Sept. 17 and 18.

In the Korean market, tech stocks were lead decliners.

Chipmaker Samsung Electronics fell 2.9 percent to 64,400 won, and SK hynix retreated 3.6 percent to 162,800 won.

Battery maker LG Energy Solution shed 3.5 percent to 399,500 won, and cosmetics company Amorepacific plunged 6.2 percent to 140,600 won.

Among gainers, carmaker Hyundai Motor rose 2.2 percent to 237,000 won, Hyundai Motor's smaller affiliate Kia climbed 1.4 percent to 100,500 won, auto parts maker Hyundai Mobis jumped 4.7 percent to 223,500 won, and state-run Korea Gas Corporation was up 2 percent at 46,200 won.

Hyundai Motor Group affiliates advanced on news that the company will expand collaboration with General Motors in vehicle development and clean energy technologies.

The local currency traded at 1,329.5 won against the dollar at 3:30 p.m., up 9.2 won from the previous session.

The Kosdaq rose 2.17 points, or 0.30 percent, to close at 733.20.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds dipped 4.3 basis points to reach 2.822 percent, and the return on the benchmark U.S. 10-year government bond rose 2.0 basis points to 3.674 percent.

BY SHIN HA-NEE, YONHAP [shin.hanee@joongang.co.kr]