SEOUL, - The South Korean stock market closed almost unchanged on Thursday amid signs of easing inflation in the U.S. The local currency, the won, strengthened against the U.S. dollar.
According to Yonhap News Agency, an analyst at SangSangIn Investment & Securities, the U.S. inflation data's impact on monetary policy expectations played a key role in influencing market sentiments. The data reinforced beliefs that the U.S. Federal Reserve's rate hikes might have reached an end, creating a positive outlook for the stock market.
The Korea Composite Stock Price Index (KOSPI) saw a marginal increase of 1.51 points, or 0.06 percent, ending the day at 2,488.18. Trading volume was moderate, with 401.6 million shares worth approximately 6.61 trillion won (US$5.09 billion) changing hands. In the market, there were more gainers than losers, with 546 stocks rising against 311 falling.
Foreign investors were net buyers, purchasing 458 billion won worth of shares, while institutional investors sold off a net 62.4 billion won. Retail investors sold a net 394.4 billion won in stocks.
The stock market's tepid performance followed mixed reactions to the latest U.S. economic indicators. Wall Street's overnight gains, spurred by a lower-than-expected U.S. producer price index for October and the slowest rise in consumer prices since 2021, initially gave a slight boost to the KOSPI.
Notable shifts were seen in individual stocks. Market leader Samsung Electronics rose by 0.83 percent, while battery giant LG Energy Solution fell by 1.99 percent. Hyundai Motor and its affiliate Kia saw increases, while top portal operator Naver and mobile carrier SK Telecom experienced declines.
In the currency market, the won appreciated, closing at 1,296.90 won per dollar, a gain of 3.90 won from the previous session. Bond prices rose, leading to a decrease in yields for both three-year and five-year government bonds.