Seoul Stock Market Ends Nearly Unchanged as US Consumer Confidence Declines

Seoul, Dec 24 (NationPress) The stock market in Seoul closed almost unchanged on Tuesday as investors remained cautious ahead of Christmas, particularly after the US consumer confidence index for this month indicated signs of a downturn.

The Korean won fell against the US dollar, crossing the 1,450 won mark for the fourth consecutive session.

The benchmark Korea Composite Stock Price Index (KOSPI) declined by 1.49 points, or 0.06 percent, finishing at 2,440.52, as reported by the Yonhap news agency.

Trading volume was subdued with 380 million shares exchanging hands, valued at 6.64 trillion won (approximately $4.55 billion), and decliners outnumbered advancers 483 to 389.

Foreign investors sold a net 17.2 billion won, while individuals offloaded a net 96.3 billion won. In contrast, institutions purchased a net of 22.5 billion won.

Earlier, the Conference Board, a nonprofit organization in the US, published its consumer confidence index for December, which registered at 104.7, the lowest level since September.

Investors were also noted to be taking a pause as the South Korean financial markets are set to be closed on Wednesday for Christmas.

"In the absence of momentum, investors opted for a wait-and-see strategy," stated Kim Ji-won, an analyst at KB Securities.

The leading technology firm Samsung Electronics saw a rise of 1.68 percent to 54,400 won, while the second-largest chip manufacturer SK hynix experienced a decline of 0.65 percent to 168,500 won.

Poongsan, a defense contractor, increased by 2.36 percent to 52,100 won following reports that its CEO, Ryu Jin, is invited to the inauguration ceremony of U.S. President-elect Donald Trump as the head of the Federation of Korean Industries.

Automakers concluded the day mixed, with Hyundai Motor rising 0.7 percent to 216,500 won, while its affiliate Kia fell 0.3 percent to 100,600 won. The auto parts giant Hyundai Mobis dropped 0.41 percent to 243,000 won.

Samsung Biologics decreased by 1.16 percent to 938,000 won, whereas Celltrion gained 0.26 percent to 194,400 won.

The local currency was valued at 1,456.4 won against the U.S. dollar at 3:30 p.m., a decline of 4.4 won from the previous session.

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys rose by 1 basis point to 2.626 percent, while the return on the benchmark five-year government bonds decreased by 4.4 basis points, concluding at 2.801 percent.