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Seoul shares up for 3rd day ahead of US inflation data

July 11, 2024 - 16:02 By Yonhap
An electronic board showing the Korea Composite Stock Price Index at a dealing room of the Hana Bank headquarters in Seoul on Thursday. (Yonhap)

Seoul shares closed higher Thursday to extend their winning streak to a third day as investors also wait for the US inflation data. The local currency gained against the US dollar.

The benchmark Korea Composite Stock Price Index gained 23.36 points, or 0.81 percent, to 2,891.35.

Trade volume was moderate at 453 million shares worth 14.4 trillion won ($10.4 billion), with gainers outnumbering losers 438 to 414.

Foreigners bought a net 606 billion won, while individuals sold a net 351 billion won. Institutions offloaded a net 81 billion won.

Investors awaited the US consumer price index (CPI) for June due on Thursday, which will set the overall tone for the Federal Reserve's future rate policy.

South Korea's central bank froze its key rate for the 12th straight session at 3.5 percent but hinted that it may move toward an easing policy amid moderating inflation. The Bank of Korea remained cautious over a hasty pivot toward a monetary policy reversal.

"Investors' hope over additional slowdown in inflation and a rate cut remained valid," said Kim Jee-hyun, an analyst from Kiwoom Securities.

In Seoul, top tech giant Samsung Electronics edged down 0.23 percent to 87,600 won and No. 2 chipmaker SK hynix climbed 0.84 percent to 231,000 won.

Financial firms also closed bullish, with KB Financial increasing 2.15 percent to 85,400 won and Shinhan Financial gaining 1.96 percent to 52,000 won.

Steelmakers finished higher as well, with Posco Holdings moving up 6.24 percent to 391,500 won and Korea Zinc gaining 1.7 percent to 539,000 won.

Naver, which operates South Korea's top search engine, shed 0.79 percent to 176,100 won, with Kakao losing 0.94 percent to 42,350 won.

The local currency had been trading at 1,384.7 won against the greenback as of 3:30 p.m., up 5.9 won from the previous session. (Yonhap)