Seoul shares end almost flat ahead of key U.S. inflation data

Seoul shares ended almost flat Friday after a three-day rise ahead of key U.S. inflation data due this week. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.08 point, or 0.04 percent, to close at 2,636.52. The main index has fallen 1.9 percent this week. Trade volume was heavy at 594.78 million shares worth 15.45 trillion won (US$11.1 billion), with gainers far outpacing losers 533 to 332. Institutions and individuals bought a combined 1.35 trillion won worth of stocks, offsetting foreigners' stock selling valued at 1.34 trillion won. Overnight, the Dow Jones Industrial Average fell 0.86 percent to 38,111.48 points, and the tech-heavy Nasdaq composite declined 1.08 percent to 16,737.08. Ahead of the release of the April personal consumption expenditure (PCE) price index Friday (U.S. time), data showed the U.S. economy grew at a slower-than-expected pace, which bolstered the case for the Fed to start cutting rates this year. All eyes are on the April PCE data to get a cue on the U.S. central bank's future policy direction, analysts said. In Seoul, energy and airline stocks rose. Leading battery maker LG Energy Solution Ltd. rose 0.9 percent to 331,000 won, state-run Korea Gas Corp. climbed 4.9 percent to 29,800 won, national flag carrier Korean Air Co. gained 2.2 percent to 20,850 won and SK Corp. jumped 11.5 percent to 176,200 won. Among decliners, No. 2 chipmaker SK hynix Inc. fell 3.3 percent to 189,200 won, top carmaker Hyundai Motor Co. declined 1.6 percent to 253,000 won and the country's sole aircraft manufacturer, Korea Aerospace Industries Co., shed 3.9 percent to 51,800 won. The local currency ended at 1,384.50 won against the greenback, down 5.1 won from the previous session's close. Source: Yonhap News Agency