South Korean stocks experienced slight gains after recent losses. This was due to concerns about the Federal Reserve’s plans for interest rate hikes and the US economy. The country’s currency, the won, also fell to a new yearly low against the US dollar.
The benchmark Korea Composite Stock Price Index ended a four-day losing streak by adding 2.1 points, or 0.09 percent, to close at 2,465.07. Gainers outnumbered losers, and trading volume was lower than usual.
Foreigners and institutions sold more shares than they bought, while retail investors bought more shares than they sold.
Investors were worried about the Federal Reserve’s interest rate hikes and recent economic data that indicated a slowdown. Analysts anticipate continued volatility due to global uncertainties and factors such as high interest rates and reduced household savings.
Tech shares on the Seoul exchange traded mixed, with some companies experiencing losses while others saw gains. Carmakers closed higher, and biotech and internet companies also saw some gains.
It’s important to note that South Korean stock, ETF, derivatives, and commodity markets will be closed for an extended holiday period starting Thursday.
The information above is a summary of the original article.
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