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Seoul shares end up on tech gains ahead of Nvidia results

Nov. 21, 2023 - 16:25 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. (Yonhap)

Seoul shares closed higher Tuesday on tech gains, with investors awaiting earnings results from AI chip leader Nvidia and other US tech firms this week. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index was up 19.22 points, or 0.8 percent, to close at 2,510.42.

Trade volume was moderate at 340.42 million shares worth 7.6 trillion won ($5.9 billion), with gainers outnumbering losers 598 to 271.

Overnight, the Dow Jones Industrial Average increased 0.6 percent to 35,151.04, and the tech-rich NASDAQ added 1.1 percent to 14,284.53.

Institutions and foreigners bought a combined 461 billion won worth of stocks, exceeding individuals' stock selling valued at 438 billion won.

Nvidia is set to release quarterly results Tuesday on the back of strong demand for generative AI.

On the same Tuesday, investors also await minutes of the Federal Reserve's Nov. 1 policy meeting and US existing home sales for clues on the US central bank's future rate plans, analysts said.

"Market watchers have been concerned over the Federal Reserve's additional rate hikes to tame inflation. But they now appear to expect the Fed may cut rates as early as in March next year as US companies hire less people and the pace of wage growth slows down," Park Hee-cheol, an analyst at Mirae Asset Securities Co., said.

In Seoul, tech stocks were the lead gainers.

Market bellwether Samsung Electronics rose 0.1 percent to 72,800 won, No. 2 chipmaker SK hynix climbed 0.5 percent to 132,000 won, leading wireless services provider SK Telecom gained 0.2 percent to 52,100 won, and leading car battery maker LG Energy Solution was up 0.7 percent to 447,000 won.

Among decliners, the country's sole aircraft manufacturer Korea Aerospace Industries fell 0.5 percent to 46,050 won, No. 2 carmaker Kia declined 1 percent to 83,600 won, and Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, shed 2.6 percent to 26,750 won.

The local currency closed at 1,289.2 won against the greenback, up 2.4 won from the previous session's close. (Yonhap)