Most Popular
-
1
Trump wins US election, foreshadows policy shift
-
2
Allies face test with return of Trump’s transactional diplomacy
-
3
North Korean leader may seek another summit with Trump, but chances for deal seen as slimmer
-
4
South Korean won tumbles after Trump wins US presidential election
-
5
Yoon congratulates Trump
-
6
Korea on alert over reshaped global economy during Trump's 2nd term
-
7
‘Trump may seek surprise NK deal at expense of Seoul’
-
8
Yoon apologizes but denies wife's role in state affairs
-
9
Poster of Kim Jong-un behind bars launches S. Korean groups' anti-NK campaign in Geneva
-
10
Korean auto, battery firms buckle up for second Trump term
South Korean stocks closed lower Friday as uncertainties over the incoming Trump administration's policies overshadowed a back-to-back rate cut by the Federal Reserve. The local currency sharply rose against the US dollar.
The benchmark Korea Composite Stock Price Index fell 3.48 points, or 0.14 percent, to close at 2,571.15.
Trade volume was moderate at 440.7 million shares worth 9.63 trillion won ($6.94 billion), with losers outpacing winners 469 to 388.
Foreigners sold a net 18.1 billion won worth of local stocks and individuals offloaded a net 106 billion won. Institutions, on the other hand, scooped up a net 116.8 billion won.
Analysts said Seoul shares closed lower as investors remained concerned over a policy shift under the Trump administration, while the Fed's rate cut has been widely expected.
The Fed lowered its benchmark interest rate by a quarter-percentage point to the 4.50 to 4.75 percent range on Thursday (local time), marking the second consecutive reduction following a jumbo 50-basis-point cut in September.
It came after Republican flag-bearer Donald Trump won in Tuesday's presidential election over Vice President Kamala Harris.
Investors were relieved to some degree by comments from Fed Chair Jerome Powell. He said that, in the near term, this week's US election will have "no effects" on the central bank's policy decisions.
"At November's FOMC meeting, the focus was not on a rate cut but on the extent to which Trump can influence the Fed's monetary policy," said Han Ji-young, a researcher at Kiwoom Securities Co.
Top tech giant Samsung Electronics fell 0.87 percent to 57,000 won, while No. 2 chipmaker SK hynix climbed 1.57 percent to 200,500 won.
Top battery maker LG Energy Solution rebounded 3.24 percent to 398,500 won.
Pharmaceutical firms closed higher as well, with Samsung Biologics rising 0.9 percent to 1,004,000 won and Celltrion climbing 0.72 percent to 181,500 won.
The local currency was trading at 1,396.6 won against the greenback at 3:30 p.m., up 10.2 won from the previous session.
