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Sun, January 29, 2023 | 20:24
Markets
Seoul shares down for 2nd day amid US inflation rout
Posted : 2022-09-15 16:32
Updated : 2022-09-15 16:32
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A currency trader watches computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and Korean won at a foreign exchange dealing room in Seoul, Sept. 15. AP-Yonhap
A currency trader watches computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and Korean won at a foreign exchange dealing room in Seoul, Sept. 15. AP-Yonhap

Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the U.S. Federal Reserve after the strong U.S. inflation data. The local currency fell slightly against the U.S. dollar.

After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 437 to 407.

"If we were to look at the inflation issue in two phases, the first phase of peaking appears to have taken place with the June (consumer price index)," Han Ji-young, an analyst at Kiwoom Securities, said.

"The point to watch going forward is when the inflation will cool off to a meaningful level ― the 4 percent range ― and we know from the August CPI and (producer prices index) that we need more time for that to happen," Han said.

Foreigners and institutions sold off equities, a net 222.3 billion won and 144.4 billion won, respectively. Individuals snapped up a net 349.7 billion won.

Wall Street managed to end higher Wednesday (local time) as investors took a pause following the market jolt over the U.S. August inflation print. The U.S. PPI slowed for a second month in a row in August, an indication that inflation is easing.

The inflation data dented hopes of the Fed easing up on its aggressive monetary tightening. Analysts believe the Fed will go with a 0.75 percentage-point increase in the monetary policy meeting slated for Sept. 20-21, with some betting on a full percentage-point hike.

The bio and IT sectors were among the biggest decliners. Biotech firm Samsung Biologics dipped 2.54 percent to 807,000 won, and biopharmaceutical giant Celltrion lost 0.56 percent to 179,000 won.

Market behemoth Samsung Electronics sank 1.41 percent to 56,000 won.

Battery makers finished bullish. Industry leader LG Energy Solution climbed 2.51 percent to 511,000 won, and Samsung SDI added 0.16 percent to 615,000 won.

Cosmetics companies also closed in the green. AmorePacific rose 0.84 percent to 120,500 won, and LG Household Health Care gained 1.19 percent to 680,000 won.

The local currency ended at 1,393.70 won against the U.S. dollar, down 2.8 won from Wednesday's close. (Yonhap)


 
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