Kospi creeps up 0.24% ahead of Fed chair's Jackson Hole speech

The benchmark Kospi closed at 2,707.67 points, up 0.24 percent, or 6.54 points.

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,707.67 points on Thursday, up 0.24 percent, or 6.54 points, from the previous trading session. The Kosdaq dropped 0.82 percent, or 6.40 points, to 773.47. [YONHAP]

Shares ended slightly higher on Thursday, extending their winning streak to a third day as investors await more clues over the U.S. rate policy direction amid the Bank of Korea's rate freeze. The local currency gained against the dollar.

The benchmark Kospi closed at 2,707.67 points, up 0.24 percent, or 6.54 points, from the previous trading session. The Kosdaq dropped 0.82 percent, or 6.40 points, to 773.47.

Trade volume was moderate at 434 million shares worth 8.83 trillion won ($6.61 billion), with losers outnumbering gainers 597 to 283.

Foreigners bought a net 64.5 billion won worth of shares, while individuals offloaded a net 111.3 billion won. Institutions bought a net 42.3 billion won.

Investors continued to take a wait-and-see approach after the Bank of Korea froze its key rate for the 13th straight session, waiting for U.S. Federal Reserve Chair Jerome Powell's speech set to be delivered this week at the Jackson Hole Economic Symposium.

"The local stock market has faced significant pressure, driven by a mix of hope and uncertainties," said Kim Seok-hwan, an analyst at Mirae Asset Securities.

Samsung Electronics remained unchanged at 78,300 won, while chipmaker SK hynix slid 0.78 percent to 191,100 won.

Battery maker LG Energy Solution, on the other hand, climbed 3.71 percent, and Samsung SDI rose 2.13 percent.

Search engine operator Naver shot up 5.31 percent to 164,700 won, and its rival Kakao rose 2.6 percent to 37,550 won.

Krafton, a game publisher, increased 1.91 percent to 346,000 won after the company unveiled new titles.

Carmaker Hyundai Motor moved down 1.78 percent to 248,000 won and its sister company Kia lost 0.58 percent to 102,400 won. Auto parts maker Hyundai Mobis lost 0.45 percent to 219,000 won.

The local currency was trading at 1,334.7 won against the dollar as of 3:30 p.m., down 1.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds dropped 3.2 basis points to 2.909 percent, and the return on the benchmark U.S. 10-year bonds lost 0.6 basis points to reach 3.801 percent.

BY YOON SEUNG-JIN, YONHAP [yoon.seungjin@joongang.co.kr]