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

SEOUL: Seoul shares closed higher on Wednesday, driven by gains in technology and automobile stocks, amid ongoing concerns about a potential slowdown in the pace of rate cuts by the Federal Reserve. Meanwhile, the Korean won continued its downward trend against the U.S. dollar, marking the eighth consecutive day of decline. According to Yonhap News Agency, the Korea Composite Stock Price Index increased by 28.92 points, or 1.1 percent, finishing the session at 2,599.62. The trading volume was moderate, with 345.96 million shares exchanging hands, valued at 9.25 trillion won (approximately $6.7 billion). The market saw more gainers than losers, with 448 stocks advancing compared to 408 declining. Institutional and foreign investors purchased a combined total of 510 billion won in stocks, which helped offset the selling by individual investors, who sold stocks worth 514 billion won. The performance in U.S. markets was mixed overnight, as the Dow Jones Industrial Average slightly decreased by 0.02 percent to 4 2,924.89, while the Nasdaq Composite, known for its technology focus, rose by 0.18 percent to 18,573.13. In the Seoul market, large-cap stocks showed varied performances. Samsung Electronics Co., a key player in the tech sector, saw its shares rise by 2.4 percent to 59,100 won. SK hynix Inc., the second-largest chipmaker, experienced a jump of 4.4 percent, closing at 196,000 won. Hyundai Motor Co., the leading car manufacturer, climbed by 2.8 percent to 241,000 won, and Korea Electric Power Corp. gained 0.7 percent to reach 21,950 won. Conversely, some large-cap stocks declined. Korean Air Co., the national flag carrier, fell by 1.1 percent to 23,300 won. HMM, a leading shipping firm, decreased by 0.6 percent to 17,050 won, and SK Telecom Co., a top provider of wireless services, was down 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. local time, down 2.1 won from the previous session, continuing its losing streak for the eighth straight day.