Kospi closes down 0.14%, settling in wake of Fed rate cut hint

조용준 2024. 8. 26. 17:30
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The benchmark Kospi lost 3.68 points, or 0.14 percent, to close at 2,698.01, as the market settles following hints of a rate cut by the U.S. Federal Reserve.
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,698.01 points on Monday, down 0.14 percent, or 3.68 points, from the previous trading session. [YONHAP]

Shares on Monday closed slightly lower for the second straight day as investors sought to cash in recent gains after U.S. Federal Reserve Chair Jerome Powell hinted at a potential rate cut next month. The local currency rose to its highest in over five months against the dollar.

The benchmark Kospi lost 3.68 points, or 0.14 percent, to close at 2,698.01.

Trade volume was moderate at 329 million shares worth 8.97 trillion won ($6.77 billion), with losers outnumbering gainers 509 to 376.

Foreign investors extended their selling streak to a second consecutive session, offloading a net 467 billion won worth of local shares, while institutions remained net buyers for a third consecutive session, scooping up 400 billion won. Retail investors purchased a net 97 billion won.

The index opened higher, tracking sharp advances on Wall Street on Friday, prompted by remarks from Powell that hinted at a potential U.S. rate cut as early as next month.

"The easing policy stance had already been reflected in the market," KB Securities analyst Lee Eun-taek said in a report. "What is important from now are fundamentals. The market will look to earnings reports."

In Seoul, large caps closed mixed with tech shares suffering a sharp decline.

Samsung Electronics dipped 2.06 percent to 76,100 won, while SK hynix tumbled 3.18 percent to 179,600 won.

Celltrion gained 1.23 percent to 205,000 won, but Hyundai Motor lost 1.19 percent to 249,000 won, with Kia Motors slipping 1.15 percent to 102,800 won.

LG Energy Solution surged 5.29 percent to 378,000 won, while Samsung SDS advanced 2.08 percent to 152,000 won.

The local currency was trading at 1,326.8 won against the dollar as of 3:30 p.m., down 12 won from the previous session's close.

The Kosdaq lost 6.47 points, or 0.84 percent, to close at 766.79.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys lost 3 basis points to 2.89 percent and the return on the benchmark U.S. 10-year government bonds shed 3.2 basis points to 2.973 percent.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]

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