Kospi ends almost flat ahead of key U.S. economic data releases

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Kospi ends almost flat ahead of key U.S. economic data releases

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 5,301.69 points, up 3.65 points, or 0.07 percent, from the previous trading session, on Feb. 10. [NEWS1]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 5,301.69 points, up 3.65 points, or 0.07 percent, from the previous trading session, on Feb. 10. [NEWS1]

 
Korean stocks closed nearly flat Tuesday, showing limited growth as investors remained cautious ahead of the planned release of key U.S. economic reports this week that may offer clues on the Federal Reserve's policy direction.
 
The Kospi added 3.65 points, or 0.07 percent, to close at 5,301.69.
 

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Trade volume was moderate at 705.3 million shares worth 22.9 trillion won ($15.7 billion), with winners outnumbering losers 687 to 209.
 
Foreigners and institutions net purchased 143.7 billion won and 563.5 billion won worth of local shares, respectively, while retail investors unloaded 873.4 billion won.
 
Overnight, the Nasdaq composite gained 0.9 percent, and the S&P 500 added 0.47 percent as investors chipped at tech shares amid soothed concerns over AI valuations and awaited the planned release of key U.S. economic reports throughout this week. The Dow Jones Industrial Average edged up 0.04 percent.
 
"The Kospi is awaiting the extended Lunar New Year holiday, set to begin this weekend, and the release of U.S. consumption, employment and consumer price data this week," Lee Kyoung-min, an analyst at Daishin Securities, said.
 
A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 5,301.69 points, up 3.65 points, or 0.07 percent, from the previous trading session, on Feb. 10. [YONHAP]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 5,301.69 points, up 3.65 points, or 0.07 percent, from the previous trading session, on Feb. 10. [YONHAP]

 
"As investors grew more cautious, turning to a wait-and-see mode, the Kospi's daily trading volume, which had recently soared to around 30 trillion won, contracted to the upper 10 trillion-won range," he added.
 
Despite starting higher on U.S. gains, semiconductor heavyweight Samsung Electronics dropped 0.36 percent to 165,800 won, and its rival SK hynix shed 1.24 percent to 876,000 won.
 
Leading battery maker LG Energy Solution dipped 1.01 percent to 390,500 won, while defense giant Hanwha Aerospace tumbled 3.94 percent to 1.15 million won.
 
Shipbuilders also lost ground, with HD Hyundai Heavy down 1.11 percent to 534,000 won and Hanwha Ocean losing 1.73 percent to 130,900 won.
 
Power plant manufacturer Doosan Enerbility lost 1.36 percent to 94,100 won, and Korea Electric Power slid 2.88 percent to 60,800 won.
 
On the other hand, auto giant Hyundai Motor climbed 0.52 percent to 480,500 won, and its sister affiliate Kia rose 0.59 percent to 154,700 won.
 
Currency traders watch monitors near a screen showing the Kospi, right, and the foreign exchange rate between dollar and won at the foreign exchange dealing room of the Hana Bank headquarters in central Seoul on Feb. 3. [AP/YONHAP]

Currency traders watch monitors near a screen showing the Kospi, right, and the foreign exchange rate between dollar and won at the foreign exchange dealing room of the Hana Bank headquarters in central Seoul on Feb. 3. [AP/YONHAP]

 
Financial shares were particularly strong, with KB Financial jumping 2.71 percent to 155,500 won and Shinhan Financial soaring 4.82 percent to 97,900 won.
 
Internet portal operator Naver added 1.6 percent to 254,000 won.
 
The textile, logistics, food and other consumer goods sectors gained ground, while retail shares finished strong amid the government's push to allow major supermarkets to begin overnight delivery services.
 
The won strengthened by 1.2 won from the previous session to trade at 1,459.1 against the dollar at 3:30 p.m.
 
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys dropped 4.3 basis points to 3.224 percent, and the return on the benchmark five-year government bonds lost 6.1 basis points to 3.494 percent.

Yonhap
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