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Seoul shares end higher on rate-cut hopes after jobs data

May 10, 2024 - 16:06 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)

Seoul shares ended higher Friday after the latest jobs data supported the case for US rate cuts this year. The Korean won rose against the US dollar.

The benchmark Korea Composite Stock Price Index rose 15.49 points, or 0.57 percent, to close at 2,727.63. The main index has risen 1.9 percent this week.

Trading volume was moderate at 568.36 million shares worth 11.07 trillion won ($8.09 billion), with gainers outpacing losers 489 to 365.

The number of US unemployment claims jumped last week to the highest level in more than eight months, renewing hopes for the Federal Reserve's rate cuts this year.

Overnight, the Dow Jones Industrial Average increased 0.9 percent to 39,387.76 points, and the tech-heavy Nasdaq gained 0.3 percent to 16,346.26.

Institutions and foreigners bought a combined 502.48 billion won worth of stocks, offsetting individuals' stock selling valued at 486.89 billion won.

In Seoul, auto and airline stocks led gains.

Top carmaker Hyundai Motor Co. rose 1.9 percent to 241,500 won, leading auto parts maker Hyundai Mobis Co. climbed 0.4 percent to 227,000 won, national flag carrier Korean Air Co. gained 0.5 percent to 22,000 won, and leading steelmaker Posco Holdings was up 0.8 percent to 401,000 won.

Among decliners, market bellwether Samsung Electronics Co. fell 0.6 percent to 79,200 won, the country's leading mobile messenger operator Kakao Corp. shed 1.7 percent to 47,800 won, and battery maker Samsung SDI Co. was down 0.4 percent to 429,000 won.

The local currency closed at 1,368.10 won against the greenback, up 2 won from the previous session's close. (Yonhap)