Kospi inches up 0.09% amid retail buying, but won's value falls to four-month low

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Kospi inches up 0.09% amid retail buying, but won's value falls to four-month low

Published: 25 Oct. 2024, 17:14

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

A screen in Korea Exchage's trading room in central Seoul shows the Kospi closing on Friday [NEWS1]

Shares closed slightly higher Friday on retail buying amid waning bets on the Federal Reserve's rate cuts. The Korean won fell to the lowest point in almost four months against the dollar in value.

The benchmark Kospi rose 2.24 points, or 0.09 percent, to 2,583.27. The Kosdaq lost 7.18 points, or 0.98 percent, to close at 727.41.

Trade volume was moderate at 454.58 million shares worth 10.14 trillion won ($7.3 billion), with losers outpacing gainers 617 to 258.

Institutions and individuals bought a combined 375 billion won worth of stocks, offsetting foreign selling valued at 388 billion won.

Large-cap stocks were mixed.

SK hynix rose 1.4 percent to 201,000 won, KT&G jumped 2 percent to 111,600 won, Hyundai Mobis gained 2.6 percent to 256,500 won, and state-run Korea Gas Corporation (Kogas) was up 0.3 percent to 40,350 won.

Korea Zinc advanced 10 percent to 1,253,000 won as investors await the results of its share buyback that expired Wednesday in a dispute over the control of the world's biggest zinc smelter.

Korea Zinc looks set to announce its buyback results Monday.

Among decliners, Samsung Electronics fell 1.2 percent to 55,900 won, Hyundai Motor declined 1.3 percent to 225,500 won, Korea Electric Power Corporation (Kepco). dropped 1 percent to 22,800 won and Amorepacific shed 5.3 percent to 117,300 won.

The won was trading at 1,388.70 won against the greenback at 3:30 p.m., up 8.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 1.0 basis points to 2.882 percent, and the return on the benchmark 10-year U.S. government bonds dropped 2.6 basis points to 4.213 percent.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]