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Seoul shares dip over 1.5% ahead of US inflation data

May 29, 2024 - 16:18 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Wednesday. (Yonhap)

Seoul shares closed sharply lower Wednesday as investors waited for major events, including this week's US inflation data. The local currency fell against the US dollar.

The benchmark Korea Composite Stock Price Index plunged 45.55 points, or 1.67 percent, to close at 2,722.85.

Trade volume was moderate at 431 million shares worth 12.7 trillion won ($9.36 billion), with losers far outpacing gainers 673 to 220.

Foreigners dumped a net 1 trillion won, while individuals scooped up a net 1.26 trillion won. Institutions offloaded a net 266 billion won.

The United States is set to release April's core Personal Consumption Expenditures price index Friday.

"While there are a lack of events that can impact the direction of the financial market through Thursday, the result of the April PCE report from the US is important," said Han Ji-young, an analyst at Kiwoom Securities.

Shares lost ground across the board, with top tech giant Samsung Electronics falling 3.09 percent to 75,200 won and LG Energy Solution losing 5 percent to 342,000 won. SK hynix remained unchanged from the previous session at 202,500 won.

Chemical shares finished bearish as well, with top refiner SK Innovation falling 5.24 percent to 370,500 won and S-Oil losing 0.29 percent to 68,400 won.

Top carmaker Hyundai Motor shed 1.51 percent to 261,000 won, and its sister Kia slipped 0.33 percent to 122,000 won. Auto parts maker Hyundai Mobis decreased 0.68 percent to 217,500 won.

Leading pharmaceutical giant Samsung Biologics moved down 2.42 percent to 727,000 won, and Celltrion fell 1.11 percent to 178,900 won.

The local currency ended at 1,365 won against the greenback, down 6.5 won from the previous session's close. (Yonhap)