SEOUL: South Korean stocks closed almost unchanged Thursday despite early losses, as gains in technology and automotive sectors helped counteract the impact of rising U.S. inflation expectations which could delay anticipated rate cuts by the Federal Reserve.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) finished slightly up by 1.8 points, or 0.07 percent, at 2,706.96 after initially dropping 1.45 percent. According to Kim Seok-hwan, an analyst at Mirae Asset Securities, the market's recovery was largely driven by strong performances in the semiconductor and automotive industries, buoyed by government investments and robust earnings reports from industry giants like TSMC. However, the Korean won fell sharply, reaching its lowest point in 17 months against the U.S. dollar, closing at 1,364.10 won. Bond yields also rose, with the yield on three-year Treasury bonds increasing by 7.5 basis points to 3.466 percent.