Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Now is no time to add pressure on businesses: top executives

    Now is no time to add pressure on businesses: top executives
  2. 2

    CJ CheilJedang to spur overseas growth with new Hungary, US plants

    CJ CheilJedang to spur overseas growth with new Hungary, US plants
  3. 3

    Seoul to host winter festival from Dec. 13

    Seoul to host winter festival from Dec. 13
  4. 4

    Nationwide rail disruptions feared as union plans strike from Dec. 5

    Nationwide rail disruptions feared as union plans strike from Dec. 5
  5. 5

    Blackpink's solo journeys: Complementary paths, not competition

    Blackpink's solo journeys: Complementary paths, not competition
  1. 6

    N. Korea, Russia court softer image: From animal diplomacy to tourism

    N. Korea, Russia court softer image: From animal diplomacy to tourism
  2. 7

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid

    Smugglers caught disguising 230 tons of Chinese black beans as diesel exhaust fluid
  3. 8

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts

    [Today’s K-pop] Blackpink’s Jennie, Lisa invited to Coachella as solo acts
  4. 9

    Actor Song Joong-ki welcomes second child in Rome

    Actor Song Joong-ki welcomes second child in Rome
  5. 10

    Main opposition pushes to ease, not postpone, tax on crypto gains

    Main opposition pushes to ease, not postpone, tax on crypto gains
소아쌤

Seoul shares extend winning streak to 5th day on hope for Fed's less aggressive rake hikes

By Yonhap

Published : July 29, 2022 - 16:06

    • Link copied

An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap) An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

South Korean stocks advanced for the fifth consecutive session Friday as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The Korean won fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 16.23 points, or 0.67 percent, from the previous session to close at 2,451.5 points. The figure is up 2.44 percent from a week ago.

Trading volume was moderate at about 488 million shares worth some 10.1 trillion won ($7.8 billion), with gainers outnumbering losers 655 to 203.

Institutions bought a net 147 billion won, and foreigners purchased 339 billion won, while retail investors offloaded 494 billion won.

Stocks got off to a solid start after the Dow Jones Industrial Average increased 1.03 percent and the tech-heavy Nasdaq Composite advanced 1.08 percent.

Investors believe the US Fed may not take sharp rate hikes to fight rising inflation, given the economic recession.

The US central bank on Thursday also hinted at a possible slowdown in policy tightening, following an aggressive 0.75 percentage-point hike in the benchmark interest rate.

"The US economy contracted in the second quarter, but the financial market interpreted it as a sign that the Fed may soften its monetary tightening. US advances by (heavyweights like) Apple and Amazon also affected the KOSPI's gains," Mirae Asset Securities analyst Park Gwang-nam said.

Most large caps closed higher in Seoul.

Internet portal operator Naver jumped 4.84 percent to 259,000 won, with the top mobile messenger's operator Kakao advancing 3.31 percent to 74,800 won.

The KOSPI's top cap, Samsung Electronics, shed 0.81 percent to 61,400 won, and No. 2 chipmaker SK hynix lost 1.51 percent to 97,900 won.

Bio heavyweight Samsung Biologics grew 0.23 percent to 865,000 won, and financial heavyweight KB Financial Group increased 1.68 percent to 48,450 won. Battery giant LG Energy Solution increased 1.56 percent to 422,000 won.

The local currency closed at 1,299.1 won against the US dollar, down 3 won from the previous session's close. (Yonhap)

More from Headlines