SEOUL — South Korean shares experienced a downturn for the sixth straight session on Wednesday, influenced by investor anticipation of upcoming U.S. inflation data. The local currency also weakened against the U.S. dollar, reflecting broader market uncertainties.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) fell 19.26 points, or 0.75 percent, ending the day at 2,541.98. The trading volume was moderate with about 555.7 million shares valued at approximately 8.46 trillion won (US$6.4 billion) being exchanged. In this session, the number of stocks that declined (536) significantly outnumbered those that gained (338).
The KOSPI remained in negative territory throughout the trading day, mirroring the losses experienced on Wall Street overnight. The market dynamics were shaped by foreign investors who net sold local shares worth 215.5 billion won, while individual investors net purchased shares amounting to 351.5 billion won. Institutional investors continued their selling trend for the sixth consecutive session, offloading local shares worth 140.9 billion won.
Jeong Myeong-ji, an analyst at Samsung Securities, noted the cautious stance of investors. They were keen to assess the U.S. December Consumer Price Index (CPI) due for release the following evening. Jeong highlighted that unexpected trends in inflation could prompt changes in the Federal Reserve's policy approach.
In terms of individual stocks, most large caps in Seoul closed with losses. Market leader Samsung Electronics saw its shares fall by 1.47 percent to 73,600 won. SK hynix, the second-largest chipmaker, experienced a 2.84 percent decline, closing at 133,500 won. Leading battery manufacturer LG Energy Solution's shares decreased by 1.68 percent to 410,500 won, and its rival Samsung SDI saw a 3.59 percent drop to 416,500 won.
However, not all large caps fared poorly. For instance, Celltrion's shares remained steady at 206,000 won, and SK Telecom saw a modest decline of 0.51 percent to 49,000 won. In the automobile sector, Hyundai Motor's shares increased by 0.59 percent to 186,700 won, and Kia Motors experienced a 1.57 percent rise to 90,500 won.
The South Korean won closed weaker against the U.S. dollar, finishing at 1,320.10 won, a decrease of 4.40 won from the previous session's close.