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S. Korean shares snap 3-day winning streak amid eased US rate hike woes

Nov. 17, 2023 - 16:21 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Friday. (Yonhap)

South Korean shares closed lower Friday to end their three-day winning streak amid speculation that the Federal Reserve may end its aggressive rate hike campaign on eased inflation woes. The local currency closed unchanged against the US dollar.

The benchmark Korea Composite Stock Price Index fell 18.33 points, or 0.74 percent, to close at 2,469.85.

Trade volume was slim at 382.7 million shares worth 7.9 trillion won ($6.13 billion), with losers outnumbering gainers 614 to 269.

Foreigners sold a net 80.3 billion won worth of local shares, while institutions scooped up a net 293.2 billion won. Individual investors sold a net 241.2 billion won worth of shares.

Local shares kicked off weaker as investors sat on the sidelines amid speculation that the US economy is cooling.

Data showed that the unemployment benefit claims in the world's largest economy have reached the highest level in three months. The US industrial output also shed 0.6 percent on-month in October.

"Battery makers traded down following losses from Tesla, with foreigners offloading tech shares as well," said Lee Kyung-min, an analyst at Daishin Securities.

In Seoul, top cap Samsung Electronics fell 0.41 percent to 72,500 won, and No. 2 chipmaker SK hynix shed 1.81 percent to 129,900 won.

Leading battery maker LG Energy Solution lost 2.37 percent to 432,000 won, and Samsung SDI slid 2.42 percent to 444,000 won.

Amid the decrease in global oil prices, SK Innovation, the top refiner, lost 1.95 percent to 136,100 won, and S-Oil dropped 1.74 percent to 67,800 won.

On the other hand, Korean Air shot up 2.73 percent to 22,550 won on the back of lower oil prices, with Jeju Air also advancing 10.44 percent to 11,950 won.

The local currency closed at 1,296.90 won per dollar, unchanged from the previous session's close. (Yonhap)