South Korean shares flat on caution ahead of US inflation data
South Korean shares were little changed on Monday, as investors were cautious ahead of U.S. inflation data, amid uncertainty over domestic tax revisions.
The benchmark KOSPI was up 2.20 points, or 0.07%, at 3,212.21, as of 0258 GMT.
'The importance of U.S. inflation data on Tuesday has become bigger as the earnings season is almost over,' said Seo Sang-young, an analyst at Mirae Asset Securities.
The government and the ruling Democratic Party on Sunday decided to take more time for discussion on any changes to the proposed tax hikes on stock investments, according to local media reports.
Among index heavyweights, chipmaker Samsung Electronics fell 0.97%, while peer SK Hynix gained 3.31%. Battery maker LG Energy Solution climbed 2.51%.
Hyundai Motor and sister automaker Kia Corp were down 0.24% and up 0.10%, respectively. Steelmaker POSCO Holdings added 4.06%, while drugmaker Samsung BioLogics rose 0.88%.
Of the total 933 traded issues, 320 shares advanced, while 560 declined.
Foreigners were net buyers of shares worth 105.2 billion won ($75.88 million).
The won was quoted at 1,386.4 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,387.5.
In money and debt markets, September futures on three-year treasury bonds lost 0.04 point to 107.39.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
10 minutes ago
- Business Recorder
European shares rise on Fed rate cut hopes
European shares advanced on Wednesday, with technology and defence stocks leading gains, as global mood remained buoyant after tame US inflation data cemented expectations of interest rate cuts by the Federal Reserve. The pan-European STOXX 600 index rose 0.4%, as of 0704 GMT, with Germany's blue-chip DAX up 0.6% after dipping in the previous session. Global stocks rallied and Wall Street closed at record highs as traders priced in a 94% chance of a Fed rate cut in September, according to the CME FedWatch tool. Meanwhile, leaders from Europe and Ukraine are set to speak to US President Donald Trump later in the day ahead of his summit with Russian President Vladimir Putin. TUI rose 1.7% after Europe's largest tour operator posted better-than-expected results as summer travel proved to be resilient. reported a bigger first-half core profit and maintained its full-year outlook with Europe's largest energy grids operator calling on Germany to raise future returns on grid investments. Shares were marginally up. Vestas fell 1.8% after the wind turbine maker reported a smaller-than-expected rise in operating profit for the second quarter but maintained its fiscal-year financial outlook. Reuters
Business Recorder
44 minutes ago
- Business Recorder
Oil steady as market awaits inventory data, US-Russia meeting
SINGAPORE: Oil prices were little changed on Wednesday as investors awaited U.S. inventory data, while eyeing an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Brent crude futures dipped 3 cents, or 0.05%, to $66.09 a barrel at 0711 GMT, while U.S. West Texas Intermediate crude futures edged down 8 cents, or 0.13%, at $63.09. Both contracts settled lower on Tuesday. Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia's war in Ukraine that has shaken oil markets since February 2022. Oil investors are in a 'wait-and-see mode' ahead of the meeting, said ING commodity strategists. 'The outcome could remove some of the sanction risk hanging over the market,' the ING strategists added. Investors also awaited further cues after an industry report showed U.S. crude stockpiles climbed last week. Crude inventories in the United States, the world's biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly. Should the U.S. Energy Information Administration data later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The driving season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September. Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year which also weighed on prices. But both expect output in the U.S., the world's largest producer, to decline in 2026 while other regions will increase oil and natural gas production. U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report. The Organization of the Petroleum Exporting Countries' monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged. The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices. 'Trump downplayed expectations of his meeting with President Putin … However, expectations of additional sanctions on Russian crude continue to fall,' ANZ senior commodity strategist Daniel Hynes wrote in a note.
Business Recorder
an hour ago
- Business Recorder
Shanghai copper gains as prospects of US rate cut lift sentiment
BEIJING: Shanghai copper prices ticked up on Wednesday as US inflation data backed expectations for a Federal Reserve interest rate cut next month, although higher stocks kept gains in check. The most-traded copper contract on the Shanghai Futures Exchange rose 0.43% to 79,280 yuan ($11,037.79) per metric ton by 0146 GMT. The contract hit its highest level since July 25 at 79,510 yuan a ton earlier in the session. Prospects of easing US monetary policy boosted sentiment across the sector, ANZ analysts said in a note. The consumer price index (CPI) rose 0.2% last month after gaining 0.3% in June, data showed on Tuesday. Economists polled by Reuters had forecast the CPI rising 0.2%. Copper prices were also supported by news that China is planning to offer interest subsidies for businesses in eight consumer service sectors to boost consumption. Gains were, however, capped by higher LME and SHFE copper stocks, said Matt Huang, an analyst at broker Bands Financial. Stocks in London Metal Exchange-approved warehouses have climbed by 11% so far in August, while SHFE copper warehouses stocks are up nearly 13%. The rise came after US President Donald Trump excluded refined copper from the 50% import tariff effective August 1, ending a wave of front-loading cargoes to the United States to cash in on bumper premium. 'In the near term, the risk of a supply surplus is looming amid rising stocks. Also, we have not heard many Chinese smelters cutting output yet,' Bands Financial's Matt said. Benchmark three-month LME copper dipped 0.15% to $9,825.5 a ton after touching a more than two-week high on Tuesday boosted by a 90-day extension to a Sino-US trade truce. SHFE aluminium climbed 0.68%, nickel advanced 0.52%, tin ticked up 0.45%, and zinc edged up 0.24%, while lead was little changed. LME aluminium rose 0.15%, lead shed 0.1%, tin lost 0.18%, zinc slipped 0.12%, while nickel was flat. Reuters
