Seoul Shares Rise on Tech and Auto Gains; Korean Won Continues Slide

SEOUL: Seoul shares ended higher on Thursday, buoyed by gains in technology and automobile sectors amid expectations of a slower pace in the Federal Reserve's rate cuts. Meanwhile, the Korean won continued its decline against the U.S. dollar, marking its eighth consecutive day of losses. According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index increased by 28.92 points, or 1.1 percent, closing at 2,599.62. The trading volume registered moderate activity, with 345.96 million shares exchanged, amounting to 9.25 trillion won (approximately US$6.7 billion). In terms of market performance, gainers outnumbered losers 448 to 408. Institutional and foreign investors purchased stocks worth a combined 510 billion won, which counterbalanced the individual investors' selling activity that totaled 514 billion won. In the United States, stock performance was mixed overnight, with the Dow Jones Industrial Average slightly declining by 0.02 percent to 42,924.89, while the Nasdaq Composite saw a mode st rise of 0.18 percent to 18,573.13. In Seoul, the performance of large-cap stocks was varied. Samsung Electronics Co. saw an increase of 2.4 percent to reach 59,100 won, while SK hynix Inc., the second-largest chipmaker, experienced a jump of 4.4 percent to 196,000 won. Hyundai Motor Co., the leading car manufacturer, advanced by 2.8 percent to 241,000 won, and Korea Electric Power Corp. gained 0.7 percent to close at 21,950 won. Conversely, Korean Air Co., the national flag carrier, declined 1.1 percent to 23,300 won, HMM, the leading shipping firm, fell 0.6 percent to 17,050 won, and SK Telecom Co., a major wireless services provider, dropped by 1.4 percent to 56,700 won. The Korean won was trading at 1,382.20 against the U.S. dollar at 3:30 p.m., down 2.1 won from the previous session. This marks the eighth day of consecutive decline for the currency. In the bond market, prices rose, leading to a decrease in yields. The yield on three-year Treasurys fell by 0.7 basis points to 2.936 percent, while the yield on benchmark five-year government bonds decreased by 0.3 basis points to 3.011 percent.