(LEAD) Seoul shares snap 7-day fall on tech gains

Seoul shares closed higher, snapping a seven-day losing streak, on Thursday led by tech gains, with investors expecting the Federal Reserve’s rate cut next week after the release of U.S. inflation data. The Korean won traded higher against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 2.3 percent, or 58.72 points, to close at 2,572.09.

Trading volume was moderate at 334.63 million shares worth 11.04 trillion won (US$8.2 billion), with decliners far exceeding gainers 762 to 127.

This photo taken on Sept. 12, 2024 shows the dealing room of Hana Bank in central Seoul. (Yonhap)

This photo taken on Sept. 12, 2024 shows the dealing room of Hana Bank in central Seoul. (Yonhap)

Institutions and foreigners bought a combined 294 billion won worth of stocks, exceeding individuals’ stock selling valued at 232.86 billion won.

The U.S. core consumer price index, excluding volatile food and energy costs, for August rose 0.3 percent from a month earlier.

The inflation data dashed hopes for a b
ig cut by the U.S. central bank, but market participants expect there is likely to be at least a 25 basis-point cut, analysts said.

In Seoul, tech and auto stocks led gains.

Market bellwether Samsung Electronics rose 2.2 percent to 66,300 won, No. 2 chipmaker SK hynix Inc. jumped 7.4 percent to 168,800 won, top carmaker Hyundai Motor Co. gained 3.8 percent to 232,000 won, and leading battery maker LG Energy Solution Ltd. was up 3.8 percent to 414,000 won.

Among decliners, dominant tobacco company KT and G Corp. fell 0.2 percent to 110,000 won, battery maker Samsung SDI Co. declined 0.6 percent to 364,000 won, and Hybe, the powerhouse behind the global K-pop sensation BTS, shed 2.8 percent to 169,000 won.

The local currency traded at 1,338.7 won against the dollar at 3:30 p.m., up 0.3 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 4.6 basis points to 2.866 percent, while the return on the benchmark five-year government bond
s declined 4.2 basis points to 2.897 percent.

Source: Yonhap News Agency