Seoul shares up for 3rd day on rate cut hopes
Tuesday, February 13, 2024       14:27 WIB

SEOUL, Feb. 13 (Yonhap) -- Seoul shares closed higher for the third straight session Tuesday amid hopes that the U.S. Federal Reserve will start easing due to continued disinflation. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 29.32 points, or 1.12 percent, to close at 2,649.64.
Trade volume was moderate at 550.46 million shares worth 12.93 trillion won (US$9.7 billion), with gainers outnumbering losers 597 to 285.
January's U.S. consumer price index due later Tuesday (U.S. time) is expected to support the view that decelerating inflation will allow the Fed to start cutting rates this year, analysts said.
Institutions and foreigners bought a combined 1.44 trillion won worth of stocks, offsetting individuals' stock selling, valued at 1.4 billion won.
Large-cap stocks were mixed across the board.
Market bellwether Samsung Electronics Co. increased 1.5 percent to 75,200 won, No. 2 chipmaker SK hynix Inc. jumped 5 percent to 150,000 won, No. 2 carmaker Kia Corp. gained 3.5 percent to 117,200 won, and Asiana Airlines Inc., the country's second-biggest carrier, soared 5.6 percent to 14,270 won.
Among decliners, top carmaker Hyundai Motor Co. fell 0.4 percent to 249,000 won, leading steelmaker POSCO Holdings declined 3.3 percent to 438,000 won, and leading battery maker LG Energy Solution Ltd. shed 0.1 percent to 393,500 won.
The local currency closed at 1,328.10 won against the greenback, up 0.1 won from the previous session's close.

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