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Seoul shares end over 1% higher on reviving hope over Fed's rate cut
By YonhapPublished : Feb. 16, 2024 - 16:44
Seoul shares closed higher Friday, as investors placed their bets on a possible rate cut by the US Federal Reserve and US retail sales fell by a wider margin than expected. The Korean won fell against the US dollar.
The benchmark Kospi added 34.96 points, or 1.34 percent, to close at 2,648.76.
Trade volume was moderate at 584.7 million shares worth 10 trillion won ($7.5 billion), with decliners outnumbering gainers 627 to 249.
Foreign investors were net buyers to the tune of 558.4 billion won, while individuals domestically offloaded a net 832 billion won. Institutions scooped up a net 262.1 billion won.
Overnight, Wall Street shares gathered ground after US retail sales for January fell 0.8 percent on-month, sharper than the market's expectations, rekindling hope for a rate cut.
Analysts, however, noted that South Korean shares have not shown signs of a full-fledged recovery due to a lack of other events.
"The South Korean stocks traded in a limited range due to lack of momentum," said Kim Jee-hyun, an analyst from Kiwoom Securities.
In Seoul, battery makers gained ground following suit with overnight gains by Tesla, with LG Energy Solution rising 3.67 percent to 410,000 won and Samsung SDI advancing 4.79 percent to 404,500 won.
Chemicals firms also closed higher, with LG Chem soaring 4.24 percent to 504,000 won and leading oil refiner SK Innovation jumping 3.92 percent to 127,100 won.
Financial firms were winners as well, with KB Financial rising 3.99 percent to 67,700 won. Kakao Bank, an affiliate of Kakao, which operates South Korea's top mobile messenger, added 1.01 percent to 30,100 won.
Top tech giant Samsung Electronics, however, fell 0.27 percent to 72,800 won, and No. 2 chipmaker SK hynix edged down 1.28 percent to 146,800 won.
The local currency closed at 1,335.40 won against the greenback, losing 1.4 won from the previous session's close.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year treasurys remained unchanged at 3.405 percent, and the return on the benchmark five-year government bonds added 0.6 basis point to 3.447 percent. (Yonhap)
